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Enviva Partners, LP Announces Launch of $450.0 Million Offering of Senior Notes and Provides Notice of Conditional Early Redemption of the Existing 2021 Notes

Nachrichtenquelle: Business Wire (engl.)
15.11.2019, 13:55  |  167   |   |   

Enviva Partners, LP (NYSE: EVA) (the “Partnership” or “we”) today announced that, subject to market conditions, it intends to offer, with its wholly owned subsidiary Enviva Partners Finance Corp., $450.0 million in aggregate principal amount of senior unsecured notes due 2026 (the “2026 Notes”) in a private placement to eligible purchasers.

The Partnership expects that it will receive net proceeds of approximately $443.5 million from the offering after deducting initial purchasers’ discounts and commissions and its estimated offering expenses. The Partnership intends to use the net proceeds from the offering to (i) repay the Partnership’s existing $355.0 million principal amount of senior unsecured notes due 2021 (the “2021 Notes”) and the related redemption premium and (ii) repay borrowings under its senior secured revolving credit facility.

The 2026 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.

The Partnership also announced today that it has delivered a notice of conditional redemption for all of the 2021 Notes at a redemption price of 102.125% of the aggregate principal amount of 2021 Notes redeemed, plus accrued and unpaid interest to, but excluding, December 16, 2019, the date of redemption. The Partnership’s obligation to redeem the 2021 Notes is conditioned upon the completion of the offering of the 2026 Notes or other satisfactory financing on or before December 16, 2019, which condition may be waived by the Partnership at its sole discretion.

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.

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