By Sheri Kasprzak
New York, Nov. 7 - Covanta Holding Corp. of Morristown, N.J., sold $334 million of series 2012 tax-exempt refunding bonds in five tranches, according to a pricing sheet.
The deal included $20 million of series 2012A bonds sold through the Massachusetts Development Finance Agency, $67 million of series 2012B Massachusetts Development bonds, $82 million of series 2012C Massachusetts Development bonds, $130 million of series 2012A bonds sold through the Niagara Area Development Corp. and $35 million of series 2012B Niagara bonds.
The 2012A Massachusetts bonds are due in 2027 and bear interest at 4.875%, and the 2012B bonds are due in 2042 and bear interest at 4.875%. The 2012C Massachusetts bonds are due in 2042 and bear interest at 5.25%.
The 2012A Niagara bonds are due in 2042 and have a 5.25% coupon. The 2012B Niagara bonds are due in 2024 and have a 4% coupon.
Bank of America Merrill Lynch was the underwriter.
Proceeds will be used to refinance existing tax-exempt project debt at its Haverhill, Niagara and Semass facilities, as well as to fund capital expenditures in Massachusetts.
| Issuer: | Covanta Holding Corp.
|
| Issue: | Series 2012 tax-exempt refunding bonds
|
| Amount: | $334 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Pricing date: | Nov. 2
|
|
|
| $20 million Massachusetts Development Finance Agency series 2012A bonds
|
| Maturity | Type | Coupon
|
| 2027 | Term | 4.875%
|
|
|
| $67 million Massachusetts Development Finance Authority series 2012B bonds
|
| Maturity | Type | Coupon
|
| 2042 | Term | 4.875%
|
|
|
| $82 million Massachusetts Development Finance Authority series 2012C bonds
|
| Maturity | Type | Coupon
|
| 2042 | Term | 5.25%
|
|
|
| $130 million Niagara Area Development Corp. series 2012A bonds
|
| Maturity | Type | Coupon
|
| 2042 | Term | 5.25%
|
|
|
| $35 million Niagara Area Development Corp. series 2012B bonds
|
| Maturity | Type | Coupon
|
| 2024 | Term | 4%
|
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