EVA - Enviva launches $250M in PIPE transaction

• Enviva ( NYSE: EVA ) entered into definitive agreements with board members and insiders for the issuance and sale of $250M of equity securities to be priced (using Mar.1 closing price).
• The PIPE is led by affiliates of Enviva’s two largest shareholders, Riverstone and Inclusive Capital Partners, and BTG Pactual.
• It is expected to close on or about Mar.20, 2023.
• Net proceeds are expected to be ~$247M; proceeds to be used for funding its growth capital program, as well as repay borrowings under its revolving credit facility, and for general corporate purposes.
• If shareholder approval is required based on PIPE pricing, Enviva will issue non-voting preferred stock on the closing date, which will convert into common stock on shareholder approval of the issuance.

For further details see: