By Devika Patel
Knoxville, Tenn., Oct. 11 – Enviva Partners, LP completed a $55 million private placement of 8˝% senior unsecured notes due 2021, according to a press release.
The company originally sold $300 million of the 4.68% notes in a Rule 144A and Regulation S sale that priced on Oct. 20, 2016 and settled on Nov. 1, 2016. These notes were priced at par. The total outstanding now is $355 million.
The additional notes were sold at 106.25 to yield 6.7%
Proceeds will be used to repay borrowings under the company’s revolving credit facility, which were used to fund the acquisition of Enviva Port of Wilmington, LLC, and for general partnership purposes.
Enviva is a Bethesda, Md.-based wood pellet producer.
| Issuer: | Enviva Partners, LP
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| Issue: | Senior unsecured notes
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| Amount: | $55 million reopening
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| Maturity: | 2021
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| Coupon: | 8˝%
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| Price: | 106.25
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| Yield: | 6.7%
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| Call features: | Make-whole call until Aug. 15, 2044 at Treasuries plus 30 bps and then a par call
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| Settlement date: | Oct. 11
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| Distribution: | Private placement
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| Total outstanding: | $355 million, including $300 million Rule 144A and Regulation S offer that priced on Oct. 20, 2016 at par
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