S&P rates Enviva notes B+

S&P said it assigned a B+ with a 5 recovery rating to Enviva Partners LP's proposed $450 million senior unsecured notes due 2026. The 5 recovery rating indicates S&P’s expectation for modest (10%-30%; rounded estimate: 15%) recovery in a payment default scenario.

Proceeds will be used to repay its ($355 million principal amount) senior unsecured notes due 2021, pay any related redemption premium and repay borrowings under its senior secured revolver.

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