Enviva Partners (EVA) Prices 4M Unit Offering

Enviva Partners, LP (NYSE: EVA) announced that it has priced an underwritten, upsized public offering of 4,400,000 common units representing limited partner interests for total gross proceeds (before underwriters’ fees, estimated expenses, and underwriters’ option to purchase additional common units) of approximately $200.2 million. The Offering of 4,400,000 common units represents an upsize of 400,000 common units to the originally proposed offering of 4,000,000 common units. The Offering is expected to close on June 8, 2021, subject to customary closing conditions. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 525,000 common units from the Partnership at the issue price of the Offering for total additional gross proceeds (before underwriters’ fees) of approximately $23.9 million, if fully exercised.

The Partnership intends to use the net proceeds of the Offering to fund a portion of the aggregate purchase price for the acquisitions of (i) a wood pellet production plant in Lucedale, Mississippi, (ii) a deep-water marine terminal in Pascagoula, Mississippi, and (iii) three long-term, take-or-pay off-take contracts with creditworthy Japanese counterparties, referred to collectively as the “Acquisitions.” The Offering is not conditioned on the consummation of the Acquisitions.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Barclays Capital Inc., BMO Capital Markets Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and RBC Capital Markets, LLC are acting as joint book-running managers for the Offering. Raymond James & Associates, Inc., Tudor, Pickering, Holt & Co. Securities, LLC and USCA Securities LLC are acting as co-managers for the Offering.

You May Also Be Interested In