The US Bankruptcy Court gave an order to Enviva Inc., to obtain DIP financing on an interim basis on March 15, 2024. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $500 million out of it $150 million on interim basis from with Acquiom Agency Services LLC and Seaport Loan Products LLC acting as the co-administrative agent. The DIP loan would either carry an interest rate of The ABR is defined as a rate per annum equal to the greatest of the Prime Rate in effect, the Federal Funds Effective Rate in effect plus ½ of 1.00%, and Term SOFR plus 1.00%.

The ?Applicable Margin? is defined (a) with respect to Term Loans and Notes that are ABR Loans and ABR Notes, respectively, 7.00% and (b) with respect to Term Loans and Notes that are SOFR Loans and SOFR Notes, respectively, 8.00%., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries undrawn Commitment Premium of 4% p.a. The DIP facility would mature either on (9) nine month?s anniversary of the closing date or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier.

Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral. The final hearing shall be held on April 11, 2024.