Covanta to launch $1.3 billion credit facility Friday

By Sara Rosenberg

New York, Jan. 18 - Covanta Energy Corp. is scheduled to hold a bank meeting on Friday to launch its proposed $1.3 billion credit facility, according to market sources.

JPMorgan, Lehman and Merrill Lynch are the lead banks on the deal.

The facility consists of a $300 million revolving credit facility, a $680 million term loan B and a $320 million synthetic letter-of-credit facility, sources said.

Proceeds will be used to refinance existing debt.

Covanta is a Fairfield, N.J., renewable energy and waste disposal company.

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