Enviva’s $301 Million Common Stock Offering

Vinson & Elkins advised Enviva, while Latham & Watkins represented the underwriters in the offering.

Enviva Inc., the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source, has announced that it has priced an underwritten public offering of 4,300,000 common shares at US$70.00 per share. Enviva has granted the underwriters a 30-day option to purchase up to an additional 645,000 common shares from Enviva. The Offering is expected to close on January 24, 2022, subject to customary closing conditions. 

The Joint Book-Running Managers included Goldman Sachs & Co. LLC, Citigroup, J.P. Morgan, Barclays, BMO Capital Markets, HSBC, RBC Capital Markets, and Truist Securities. The Co-Managers included Raymond James, Loop Capital Markets, and U.S. Capital Advisors.

The V&E corporate team was led by partner Ramey Layne (Picture) and counsel Jessica Lewis, with assistance from senior associate Caroline Bailey and associates Chandler Spinks, Claire Wenholz, John Sasso and Jake Lubenow. Other key team members included partner Ryan Carney and associates Dan Henderson and Jeff Slusher; and partners Maggie Peloso and Matt Dobbins and associate Austin Pierce.

Latham & Watkins represented the underwriters in the offering with a capital markets deal team led by Austin/Houston partner Michael Chambers and New York partner Stelios Saffos, with New York associate Hana Nah and Houston associates Hunter Newell, Wole Oluborode, and Dylan White. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley, with Houston associate Michael Rowe; and on environmental matters by Los Angeles/Washington, D.C. counsel Josh Marnitz. 

Involved fees earner: Michael Chambers – Latham & Watkins; Timothy Fenn – Latham & Watkins; Jared Grimley – Latham & Watkins; Joshua Marnitz – Latham & Watkins; Hana Nah – Latham & Watkins; Hunter Newell – Latham & Watkins; Wole Oluborode – Latham & Watkins; Michael Rowe – Latham & Watkins; Stelios Saffos – Latham & Watkins; Dylan White – Latham & Watkins; Ryan Carney – Vinson & Elkins LLP; Matthew Dobbins – Vinson & Elkins LLP; Daniel Henderson – Vinson & Elkins LLP; Caroline Bailey – Vinson & Elkins LLP; Ramey Layne – Vinson & Elkins LLP; Jessica Lewis – Vinson & Elkins LLP; Jacob Lubenow – Vinson & Elkins LLP; Margaret Peloso – Vinson & Elkins LLP; Austin Pierce – Vinson & Elkins LLP; John Sasso – Vinson & Elkins LLP; Jeff Slusher – Vinson & Elkins LLP; Chandler Spinks – Vinson & Elkins LLP; Claire Wenholz – Vinson & Elkins LLP;

Law Firms: Latham & Watkins; Vinson & Elkins LLP;

Clients: Barclays Capital ; BMO Capital Markets; Citigroup Inc.; Enviva Partners, LP; Goldman Sachs & Co.; HSBC; J.P. Morgan Securities LLC; Loop Capital Markets; Raymond James Ltd. ; RBC Capital Markets; Truist Securities Inc. ; U.S. Capital Advisors LLC;