Enviva Partners, LP (NYSE:EVA) Files An 8-K Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure.
On November 15, 2019, Enviva Partners, LP (the Partnership) issued a news release announcing that (i) the Partnership, subject to market conditions, intends to offer, with its wholly owned subsidiary Enviva Partners Finance Corp., a Delaware corporation (together with the Partnership, the Issuers), $450 million in aggregate principal amount of the Issuers senior unsecured notes due 2026 (the Notes) in a private placement to eligible purchasers (the Notes Offering) and (ii) the Partnership issued a notice of redemption for all of the Issuers outstanding 8.5% senior unsecured notes due 2021, which redemption is conditioned on the completion of the Notes Offering. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The offering memorandum to be provided to prospective investors for the Notes Offering contains the Total Leverage Ratio and the Interest Coverage Ratio under the Partnerships senior secured revolving credit facility as of September 30, 2019. As of September 30, 2019, the Partnerships Total Leverage Ratio was 3.55 to 1.00 and its Interest Coverage Ratio was 4.16 to 1.00, and on a pro forma basis for the issuance of the Notes and the application of the net proceeds from the Notes Offering, its Total Leverage Ratio would be 3.64 to 1.00.
The information in this Item 7.01, including Exhibit 99.1, of this Current Report on Form 8-K is being furnished and shall not be deemed to be filed by the Partnership for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.