Covanta to redeem 6 3/8% notes due 2022 via $400 million notes issue

By Susanna Moon

Chicago, Oct. 3 – Covanta Holding Corp. said it plans to redeem its 6 3/8% senior notes due 2022 on Nov. 2 using proceeds of new notes.

Covanta plans to price $400 million principal amount of senior notes in an underwritten public offering, according to an announcement.

The company said it will also fund the redemption using cash on hand or borrowings under Covanta Energy, LLC’s revolving credit facility.

Until the redemption date, the company said it will use some note proceeds to repay debt under Covanta Energy, LLC's revolver in an amount up to $202 million and invest the remaining proceeds in short-term interest-bearing accounts, securities or similar investments.

Covanta is a Morristown, N.J.-based sustainable waste management and energy company.

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