BETHESDA, Md.--(BUSINESS WIRE)--Enviva Partners, LP (NYSE: EVA) (the "Partnership," "we," or "our") today announced that it has amended and restated its senior secured revolving credit facility. The transaction closed on April 16, 2021.

The amended and restated senior secured revolving credit facility (the "Amended & Restated Credit Facility") extends the maturity to April 2026 from October 2023, increases the facility's size to $525 million from $350 million, reduces the applicable interest rate margin, and includes other improved terms as compared to the prior credit facility. The applicable interest rate margin in the Amended & Restated Credit Facility is determined according to a total leverage ratio-based pricing grid, which for a Eurodollar revolving credit borrowing is 2.25% based on the current level of leverage as compared to 2.50% under the prior credit facility.

The Partnership expects to use future borrowings under the Amended & Restated Credit Facility to support the Partnership's strategic growth initiatives and drop-down acquisitions, and for general partnership purposes. Enviva is committed to prudently managing its balance sheet, and continues to target a leverage ratio between 3.5x and 4.0x. Additionally, Enviva expects to continue financing strategic growth initiatives and acquisitions with 50% equity and 50% debt.

"With strong support from our bank group, we have taken another significant step toward reducing Enviva's cost of capital and increasing our financial flexibility, while maintaining our conservative financial policies and leverage," said Shai Even, Executive Vice President and Chief Financial Officer. "The amended credit facility is a reflection of the increased scale, diversification, and tremendous market opportunities ahead for Enviva, and the expanded revolver will be an important tool for us to fund the accelerating growth anticipated by the Partnership over the next several years."

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Barclays is Administrative Agent and Collateral Agent on the Amended & Restated Credit Facility and, together with Bank of Montreal, Citibank, N.A., Goldman Sachs Bank USA, HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., and Royal Bank of Canada acted as Joint Bookrunner, Joint Lead Arranger, and Co-Documentation Agent. AgFirst Farm Credit Bank and American AgCredit, PCA acted as Joint Bookrunners, Joint Lead Arrangers, and Co-Syndication Agents.

About Enviva Partners, LP

Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. The Partnership sells a significant majority of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, Europe, and increasingly in Japan. The Partnership owns and operates nine plants with a combined production capacity of approximately 5.3 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi. In addition, the Partnership exports wood pellets through its marine terminals at the Port of Chesapeake, Virginia and the Port of Wilmington, North Carolina and from third-party marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.

To learn more about Enviva Partners, LP, please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.

Cautionary Note Concerning Forward-Looking Statements

Certain statements and information in this press release, including those concerning our expectation of market and growth opportunities and future borrowing availability under the Amended & Restated Credit Facility, may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effects. Although management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments will be those that management anticipates. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.

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Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Partnership does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Partnership's annual report on Form 10-K and any quarterly reports on Form 10-Q. The risk factors and other factors noted therein could cause actual events or the Partnership's actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.

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