Enviva partners, lp announces pricing of upsized $550 million offering of senior notes

Enviva partners announced the pricing of its previously announced private placement to eligible purchasers of $550.0 million in aggregate principal amount of 6.5% senior unsecured notes due 2026 at par. the principal amount of the offering was increased from the previously announced offering size of $450.0 million. the offering is expected to close on december 9, 2019, subject to customary closing conditions. the partnership expects that it will receive net proceeds of approximately $542.5 million from the offering after deducting the initial purchasers’ discounts and commissions and its estimated expenses. the partnership intends to use the net proceeds of the offering to redeem the partnership’s existing $355.0 million principal amount of senior unsecured notes due 2021, including payment of the related redemption premium, and repay borrowings under its senior secured revolving credit facility. the redemption of the notes due 2021 will occur on or about december 16, 2019, subject to closing of the notes offering, at a price of 102.125% of the principal amount plus accrued interest. the notes have not been registered under the securities act of 1933, as amended, 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.
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