Covanta to redeem its 5 7/8% notes, repay portion of revolver

By Taylor Fox

New York, Aug. 11 – Covanta Holding Corp. intends to redeem all of its 5 7/8% senior notes due 2024 on Sept. 10, according to a news release.

The redemption will be funded using proceeds from its $400 million offering of senior notes, cash on hand and/or direct borrowings under Covanta Energy, LLC’s revolving credit facility.

In the period between the closing of the note offering and the redemption date, Covanta intends to use a portion of the proceeds of the note offering to repay all or a portion of revolver borrowings outstanding under Covanta Energy, LLC's revolving credit facility and invest the remaining net proceeds in short-term interest-bearing accounts, securities or similar investments.

Covanta is a Morristown, N.J.-based provider of waste management and energy solutions.

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