UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry Into a Material Definitive Agreement.
On April 16, 2021, Enviva Partners, LP (NYSE: EVA) (“Enviva” or the “Partnership”) entered into a Sixth Amendment to Credit Agreement (the “Sixth Amendment”) by and among the Partnership, certain other subsidiaries of the Partnership, Barclays Bank PLC as administrative agent and collateral agent, and the other lenders and issuing banks party thereto. The Sixth Amendment, among other things, amends and restates, in its entirety, the Credit Agreement entered into as of April 9, 2015 (as amended previously and by the Sixth Amendment, the “Credit Agreement”) among the Partnership, the lenders identified therein, and Barclays Bank PLC, as administrative agent and collateral agent in order to, among other things:
| · | increase the total revolving credit commitments under the Credit Agreement from $350.0 million to $525.0 million, and total commitments for letters of credit from $50.0 million to $80.0 million; |
| · | extend the maturity date of the Credit Agreement to April 16, 2026; |
| · | decrease the applicable margins pursuant to which interest payable on base rate or Eurodollar rate borrowings are calculated by 25 basis points, such that the applicable margin for base rate loans ranges from 0.50% to 1.75% and for Eurodollar loans ranges from 1.50% to 2.75%, in each case, based on the Total Leverage Ratio (as defined in the Credit Agreement) for the applicable period; |
| · | increase the maximum incremental facilities the borrowers may request from $25.0 million to $100.0 million; and |
| · | increase the maximum Total Leverage Ratio (as defined in the Credit Agreement) that must be maintained under the Credit Agreement from 4.75 to 1.00 to 5.00 to 1.00 (and from 5.00 to 1.00 to 5.25 to 1.00 during a Material Transaction Period (as defined in the Credit Agreement)). |
The foregoing description of the Sixth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Sixth Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 concerning the Credit Agreement is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
Exhibits.
|
Exhibit |
Description |
| 10.1 | Sixth Amendment to Credit Agreement, dated as of April 16, 2021 |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
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SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENVIVA PARTNERS, LP | ||
| By: | Enviva Partners GP, LLC, as its sole general partner | |
| Date: April 20, 2021 | ||
| By: | /s/ Jason E. Paral | |
| Name: | Jason E. Paral | |
| Title: | Vice President, Associate General Counsel and Secretary | |
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