Enviva marketing $300 million five-year notes with high 7% to low 8% guidance; pricing this week

By Paul A. Harris

Portland, Ore., Oct. 18 – Enviva Partners, LP is marketing $300 million of five-year senior notes with initial yield guidance in the high 7% to low 8% area, a trader said on Tuesday.

The Rule 144A and Regulation S deal is set to price this week.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co. and RBC Capital Markets are managing the deal.

The notes come with two years of call protection.

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.

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