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Barclays Agents $250MM Upsize for Enviva Partners

October 22, 2018, 07:07 AM
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Enviva Partners, LP announced that it has amended and restated its senior secured credit facility.

The amended and restated senior secured credit facility extends the maturity to October 2023 from April 2020, increases the revolving credit facility to $350 million from $100 million, reduces the applicable interest rate margin, and includes other improved terms as compared to the prior credit facility. The applicable interest rate margin in the Amended & Restated Credit Facility is determined according to a total leverage ratio-based pricing grid, which for a Eurodollar revolving credit borrowing is 2.50% based on the current level of leverage as compared to 4.25% under the prior credit facility.

A portion of the proceeds of the revolving borrowings under the upsized Amended & Restated Credit Facility on the closing date was used to repay all of the $41.2 million of outstanding term loans under the prior credit facility. Future borrowings under the Amended & Restated Credit Facility will be used to support the Partnership’s strategic growth initiatives, drop-down acquisitions, and for general partnership purposes. The transaction closed on October 18, 2018.

“With the support of our existing bank group and new partners, we have taken a significant step toward reducing Enviva’s cost of capital and increasing our financial flexibility, while maintaining conservative financial policies and leverage,” said Shai Even, Executive Vice President and Chief Financial Officer. “The amended terms of the credit agreement recognize the increased scale, diversification, and tremendous market opportunities Enviva enjoys and the expanded revolver will be an important tool for us to fund the accelerating growth anticipated by the Partnership over the next several years.”

Barclays is Administrative Agent and Collateral Agent on the Amended & Restated Credit Facility and, together with Bank of Montreal, Citigroup Global Markets Inc., Goldman Sachs Bank USA, HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., and RBC Capital Markets, acted as Joint Bookrunner, Joint Lead Arranger, and Co-Documentation Agent. AgFirst Farm Credit Bank and American AgCredit, PCA acted as Joint Bookrunner, Joint Lead Arranger, and Co-Syndication Agent.


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