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Enviva Partners, LP Announces Pricing of Upsized $550 Million Offering of Senior Notes
November 25, 2019
Source: Business Wire
Enviva Partners, LP (NYSE: EVA) (the “Partnership” or “we”) announced today the pricing of its previously announced private placement to eligible purchasers of $550.0 million in aggregate principal amount of 6.5% senior unsecured notes due 2026 at par (the “Notes”). The principal amount of the offering was increased from the previously announced offering size of $450.0 million. The offering is expected to close on December 9, 2019, subject to customary closing conditions.
The Partnership expects that it will receive net proceeds of approximately $542.5 million from the offering after deducting the initial purchasers’ discounts and commissions and its estimated expenses. The Partnership intends to use the net proceeds of the offering to (i) redeem the Partnership’s existing $355.0 million principal amount of senior unsecured notes due 2021, including payment of the related redemption premium, and (ii) repay borrowings under its senior secured revolving credit facility. The redemption of the notes due 2021 will occur on or about December 16, 2019, subject to closing of the Notes offering, at a price of 102.125% of the principal amount plus accrued interest.
The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any other jurisdiction. Unless they are registered, the Notes may be offered only in transactions that are exempt from registration under the Securities Act and applicable state securities laws. The Notes are offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S of the Securities Act. The Notes will not be listed on any securities exchange or automated quotation system.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of an offering memorandum.
About Enviva Partners, LP
Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. The Partnership sells a significant majority of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom and Europe. The Partnership owns and operates seven plants with a combined production capacity of over 3.5 million metric tons of wood pellets per year in Virginia, North Carolina, Mississippi, and Florida. In addition, the Partnership exports wood pellets through its marine terminals at the Port of Chesapeake, Virginia and the Port of Wilmington, North Carolina and from third-party marine terminals in Mobile, Alabama and Panama City, Florida.
For additional information regarding known material factors that could cause the Partnership’s actual results to differ from projected results, please read its filings with the U.S. Securities and Exchange Commission (the “SEC”), including the Annual Report on Form 10-K and the Quarterly Reports on Form 10-Q most recently filed with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information or future events or otherwise.
Contacts
Investor Contact:
Raymond Kaszuba
(240) 482-3856
ir@envivapartners.com
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