Enviva talks $50 million tap of 6½% notes due 2026 at 103.25-103.5; pricing Tuesday

By Paul A. Harris

Portland, Ore., Dec. 10 – Enviva Partners, LP and Enviva Partners Finance Corp. set price talk for a $50 million add-on to their 6½% senior notes due Jan. 15, 2026 at 103.25 to 103.5, according to a market source.

Books close at 11:30 a.m. ET on Tuesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Lead left bookrunner Barclays will bill and deliver. BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and RBC Capital Markets Corp. are the joint bookrunners.

The notes become callable on Nov. 15, 2021 at 103.25.

The existing senior unsecured credit ratings are B1 from Moody's Investors Service, B+ from S&P Global Ratings and BB- from Fitch Ratings.

The Bethesda, Md.-based master limited partnership, which manufactures wood pellets, plans to use the proceeds to repay balances on its revolving credit facility.

The original $550 million issue priced in November 2019.

The Rule 144A add-on notes will immediately become fungible with the original notes. The Regulation S add-on notes will become fungible with the original notes following a 40-day grace period.

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