logo
menu

Enviva Partners announces closing of initial public offering

US-headquartered wood pellet manufacturer Enviva Partners has closed its initial public offering of 11,500,000 common units representing limited partner interests at $20 (€18) per common unit.

The number of common units issued at closing included 1,500,000 common units that were issued pursuant to the full exercise of the underwriters' option to purchase additional common units. The common units began trading on the New York Stock Exchange on 29 April 2015 under the ticker symbol 'EVA'" Net proceeds from the offering were approximately $213.6 million.

Following the closing of the offering, the public owns common units representing a 48.3% limited partner interest in Enviva Partners. Enviva Holdings owns common units and subordinated units representing a 51.7% limited partner interest in the Enviva Partners.

Enviva Partners intends to use the net proceeds from the offering to pay, together with borrowings under its new term loan facility, a distribution to Enviva Holdings, to repay intercompany indebtedness related to the acquisition of its Cottondale wood pellet production plant and for general partnership purposes, including future acquisitions.

Barclays Capital; Goldman, Sachs & Co; RBC Capital Markets; and Citigroup Global Markets acted as joint book-running managers for the offering. J.P. Morgan Securities; Raymond James & Associates; Mitsubishi UFJ Securities (USA); and US Capital Advisors acted as co-managers for the offering.

The offering of these securities was made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

SOURCE: Enviva Partners





211 queries in 1.098 seconds.