Enviva amends, extends $570 million revolver to 2027

By William Gullotti

Buffalo, N.Y., July 5 – Enviva Inc., formerly known as Enviva Partners, LP, together with its subsidiary borrower Enviva, LP amended and restated its $570 million senior secured revolving credit facility a ninth time on June 30, according to an 8-K filing with the Securities and Exchange Commission.

The amendment removed and updated certain legacy provisions related to the conversion of the master partnership to a corporation and extended the facility’s maturity to June 30, 2027 from April 16, 2026.

It also increased the maximum total leverage ratio to 5.5 to 1.0 from 5.0 to 1.0, including a parallel increase to the increased maximum permitted during a material transaction period to 5.75 to 1.0 from 5.25 to 1.0.

Barclays Bank plc is the administrative agent and collateral agent for the amended credit facility.

AgFirst Farm Credit Bank and American AgCredit, PCA are the co-syndication agents.

Barclays is also a co-documentation agent along with Bank of Montreal, Citibank, NA, Goldman Sachs Bank USA, HSBC Bank USA, NA, JPMorgan Chase Bank, NA, Royal Bank of Canada and Truist Bank.

Each co-documentation agent and co-syndication agent are also serving as joint lead arrangers and joint bookrunners.

The Bethesda, Md.-based corporation manufactures wood pellets.

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