Enviva plans to repay revolver borrowings with some proceeds of convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, March 2 – Enviva Inc. plans to repay revolving credit facility borrowings with some proceeds of a sale of series A convertible preferred stock for $250 million in a private placement, according to an FWP filing with the Securities and Exchange Commission.

Proceeds will also be used to fund growth capital and for general corporate purposes.

The sale of convertible preferreds is expected to close on March 20.

The Bethesda, Md.-based corporation manufactures wood pellets.

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