Enviva Announces Court Approval of DIP and the Commencement of the DIP Syndication Process

Enviva Inc. (NYSE: EVA) (“Enviva” or the “Company”), a leading producer of sustainably sourced wood-based biomass, today announced that the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Court”) approved, among other matters, its previously announced $500 million debtor-in-possession financing (the “DIP Facility”) pursuant to the Debtor-in-Possession Credit and Note Purchase Agreement (the “DIP Facility Agreement”) and the procedures and related materials that will govern the syndication of the DIP Facility. Pursuant to the DIP Facility Agreement, the Company intends to offer certain holders of shares of the Company’s Common Stock, par value $0.001 (CUSIP 29415B103) (the “Common Stock”) as of March 11, 2024 (the “Record Date” and such holders, the “Holders”) the opportunity (the “Opportunity”) to subscribe to participate in the syndication of the DIP Facility.

To be eligible to participate in the Opportunity, each Holder must be (i) an institutional accredited investor within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or an entity in which all of the equity investors are such institutional accredited investors, (ii) a beneficial owner of Common Stock as of the Record Date, and (iii) not the Company (an “Eligible Holder”). An Eligible Holder may designate another entity that is a partner, affiliate, or related party of such Eligible Holder to be a subscriber in the Opportunity (a “Permitted Designee”). Each Eligible Holder may elect to participate and submit a subscription to lend any portion of the DIP loans up to an aggregate amount not to exceed $100 million, provided that the minimum committed participation amount of DIP loans by any Eligible Holder and any of its Permitted Designees (taken together) shall not be less than $1 million. If you are not an Eligible Holder, you may not participate in the Opportunity.

Eligible Holders that participate in the Opportunity will be subject to certain restrictions under the DIP Facility Agreement, including with respect to voting and information rights.

The ability of Eligible Holders to submit commitments for the Opportunity commences today, March 15, 2024 and will expire at 5:00 p.m., New York City Time, on March 28, 2024 unless extended earlier or terminated, in accordance with the applicable subscription documents, and which extension will be made by public announcement by the Company in a press release and/or Form 8-K.