By Paul A. Harris
Portland, Ore., Oct. 20 – Enviva Partners, LP priced a $300 million issue of five-year senior notes (B2/B+) at par to yield 8½% on Thursday, according to market sources.
The yield printed on top of yield talk.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co. and RBC Capital Markets were the bookrunners.
The Bethesda, Md.-based wood pellet producer plans to use the proceeds, together with cash on hand and proceeds from any issuances of additional equity, to fund the acquisition of a wood pellet plant in Sampson County, N.C., and to repay bank debt.
Issuer: | Enviva Partners, LP
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Amount: | $300 million
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Maturity: | Five years
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Securities: | Senior notes
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Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co., RBC
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Coupon: | 8½%
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Price: | Par
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Yield: | 8½%
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Call protection: | Two years
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Trade date: | Oct. 20
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Settlement date: | Nov. 1
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Ratings: | Moody's: B2
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| S&P: B+
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Distribution: | Rule 144A and Regulation S
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Price talk: | 8½% area
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Marketing: | Roadshow
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