Enviva sells $250M in equity securities through PIPE financing

In Maryland, Enviva Inc. has entered into definitive agreements with board members and insiders for the issuance and sale of $250 million of equity securities to be priced using the market close price on March 1, 2023. The PIPE is led by affiliates of Enviva’s two largest shareholders, Riverstone Holdings LLC and Inclusive Capital Partners, and BTG Pactual. The PIPE is expected to close on or about March 20, 2023, subject to the satisfaction of customary closing conditions. If shareholder approval is required based on the pricing of the PIPE, Enviva will issue non-voting preferred stock on the closing date, which will convert into common stock upon shareholder approval of the issuance.

The aggregate net proceeds to Enviva are expected to be approximately $247 million, after deducting expenses. Enviva expects to use the proceeds from this offering to fund its growth capital program, as well as repay borrowings under its revolving credit facility, and for general corporate purposes.