By Paul A. Harris
Portland, Ore., Oct. 20 – Enviva Partners, LP priced a $300 million issue of five-year senior notes (B2/B+) at par to yield 8½% on Thursday, according to market sources.
The yield printed on top of yield talk.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co. and RBC Capital Markets were the bookrunners.
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.
| Issuer: | Enviva Partners, LP
|
| Amount: | $300 million
|
| Maturity: | Five years
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co., RBC
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Call protection: | Two years
|
| Trade date: | Oct. 20
|
| Settlement date: | Nov. 1
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8½% area
|
| Marketing: | Roadshow
|
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