Enviva Inc. (NYSE: EVA) (“Enviva”, “we”, “us” or “our”) announced today that it has launched a subscribed public offering (the “Offering”) of 4,300,000 ordinary actions. Enviva intends to grant the underwriters an option to purchase up to 645,000 additional common shares of Enviva at the issue price of the offering.
Enviva intends to use the net proceeds of the offering for general corporate purposes, including pre-financing a portion of its capital expenditures related to ongoing development projects and temporary debt repayment. .
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., JP Morgan Securities LLC, Barclays Capital Inc., BMO Capital Markets Corp., HSBC Securities (USA) Inc., RBC Capital Markets, LLC and Truist Securities act as joint bookrunners of the Offer. Loop Capital Markets LLC, Raymond James & Associates, Inc. and USCA Securities LLC are acting as co-managers of the Offering.
The Offer is being made pursuant to an effective shelf registration statement, which was filed with the United States Securities and Exchange Commission (the “SEC”) and became automatically effective on January 19, 2022. The Offer will be made only by means of a prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the website of the SEC at www.sec.gov. Alternatively, the joint bookrunners will arrange to send you the preliminary prospectus supplement and the associated base prospectus if you request them by contacting:
Goldman Sachs & Co. LLC
Citigroup Global Markets Inc.
JP Morgan Securities LLC
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, and there will be no sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration. or qualification under the securities laws of such state or territory.
Enviva Inc. (NYSE: EVA) is the world’s largest producer of industrial wood pellets, a renewable and sustainable source of energy produced by aggregating a natural resource, wood fiber, and transforming it into a transportable form, Pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida and Mississippi. Enviva sells most of its wood pellets under long-term purchase agreements with customers in the UK, EU and Japan.
Caution Regarding Forward-Looking Statements
The information included herein and in any oral statements made in connection therewith includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act. of 1934, as amended. All statements, other than statements of present or historical fact, including relating to strategy, future operations, financial condition, estimated revenues and losses, projected costs, prospects, plans and objectives of management of Enviva are forward-looking statements. When used in this document, including any oral statements made in connection therewith, the words “could”, “should”, “shall”, “may”, “believe”, “plan”, “has intention”, “believes”, “expects”, “project”, the negative of these terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words of identification. These forward-looking statements are based on management’s current expectations and assumptions regarding future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Enviva disclaims any obligation to revise or update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Enviva cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond Enviva’s control. These risks include, but are not limited to: (i) the volume and quality of products that we are able to produce or source and sell, which could be adversely affected by, among other things, difficulties in operation or techniques of our wood pellet production plants or deep water marine terminals; (ii) the prices at which we are able to sell our products; (iii) our ability to successfully negotiate, complete and integrate acquisitions, including related contracts, or realize the anticipated benefits of such acquisitions; (iv) the failure of our customers, suppliers and shipping partners to pay us or perform their contractual obligations to us; (v) our inability to successfully execute our project development, expansion and construction activities on time and within budget; (vi) the creditworthiness of our contractual counterparties; (vii) the amount of low-cost wood fiber we are able to source and process, which could be adversely affected by, among other things, supply disruptions or operational or financial difficulties experienced by our suppliers; (viii) changes in the price and availability of natural gas, coal or other energy sources; (ix) changes in prevailing economic conditions; (x) unforeseen ground, slope or water conditions; (xi) adverse or hazardous environmental conditions, including extreme rainfall, temperature and flooding; (xii) fires, explosions or other accidents; (xiii) changes in domestic and foreign laws and regulations (or their interpretation) related to renewable or low-carbon energy, the forest products industry, the international shipping industry, or power generators , heat or heat and electricity; (xiv) changes in the regulatory treatment of biomass in mainstream and emerging markets; (xv) our failure to acquire or maintain permits or rights necessary for our generation, transmission or terminal operations; (xvi) changes in the price and availability of transportation; (xvii) changes in foreign exchange or interest rates, and the failure of our hedging arrangements to effectively reduce our exposure to related risks; (xviii) risks relating to our indebtedness; (xix) our failure to maintain effective quality control systems at our wood pellet plants and deepwater marine terminals, which could result in the rejection of our products by our customers; (xx) changes to the quality specifications of our products required by our customers; (xxi) labor disputes, unionization or similar industrial action; (xxii) our inability to hire, train or retain qualified personnel to manage and operate our business and our newly acquired assets; (xxiii) the possibility of cyberattacks and malware; (xxiv) our inability to borrow funds and access capital markets; and (xxv) viral contagions or pandemic diseases, such as COVID-19.
Should one or more of the risks or uncertainties described herein and in any oral statements made with respect thereto materialize, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in the statements. prospective. Additional information regarding these and other factors that may impact Enviva’s expectations and projections may be found in Enviva’s periodic filings with the SEC. Enviva’s SEC filings are publicly available on the SEC’s website at www.sec.gov.