Harland & Wolff Update

2 August 2024

Riverstone Credit Opportunities Income Plc

Harland & Wolff Update

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, notes the announcement published 1 August 2024 by Harland & Wolff Group Holdings Plc ("Harland & Wolff"), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management.

The Company and other funds managed by RCOI's investment manager, Riverstone Investment Group LLC, (together with its affiliates "Riverstone") are co-invested in a $115 million loan (the "Existing Facility") to Harland &Wolff, of which RCOI's contribution is $14.6 million.

In August 2024, credit funds managed by Riverstone provided a $25 million capital investment in a super priority position (the "Super Priority Facility") to the existing facility of which the Company is a lender bringing the total commitments to $140 million. As a condition precedent to injecting the new capital, the $15 million upsize of the facility completed in February 2024 (in which RCOI did not participate), was recharacterised as part of the new Super Priority Facility. The Super Priority Facility accrues interest at SOFR plus 900 bps (100% paid-in-kind), which is the same interest rate as the Existing Facility, and is subject to a 25% repayment premium. In addition, the Existing Facility repayment premium was amended to 30%.

The new financing is part of a larger effort to stabilise the liquidity of Harland & Wolff and help facilitate a long-term capital solution. Furthermore, as announced by Harland & Wolff, it has formally engaged Rothschild & Co as financial adviser to assess strategic options and instituted changes to senior management and the board of directors.

As previously noted, RCOI did not participate in the Super Priority Facility as it has now entered into managed wind-down (and had previously already reached its concentration limit in H&W).

The Board is working to expedite the return of cash as soon as practicable given the ongoing uncertainty. In the meantime, the Company's cash balances are invested in a money market and are yielding a healthy risk-free return.

The Board is evaluating the appropriate level of dividend to pay for the second quarter and will provide further information in due course.

For Riverstone Credit Opportunities Income Plc:

Adam Weiss                                                    +1 212 271 2953

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About Riverstone Credit Opportunities Income Plc:

RCOI lends to companies that build and operate the infrastructure used to generate, transport, store and distribute both renewable and conventional sources of energy, and companies that provide services to that infrastructure. RCOI also lends to companies seeking to facilitate the energy transition by decarbonizing the energy, industrial and agricultural sectors, building sustainable infrastructure and reducing or sequestering carbon emissions. The Company seeks to ensure that its investments are having a positive impact on climate change by structuring each deal as either a green loan or a sustainability-linked loan, documented using industry best practices.

As previously announced, on January 2, Riverstone Holdings LLC, and their affiliate Riverstone Investment Group (collectively, "Riverstone") entered into a sub management agreement for RCOI with Breakwall Capital LP.  Breakwall is an independent asset manager regulated by the SEC as a Registered Investment Advisor. It is owned and operated by the former members of the Riverstone Credit Partners team.

For further details, see https://www.riverstonecoi.com/.

Neither the contents of RCOI's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.