Covanta Energy talks $295 million term B at Libor plus 225-250 bps

By Sara Rosenberg

New York, March 3 - Covanta Energy Corp. is shopping its $295 million term loan B with price talk of Libor plus 225 basis points to 250 bps with a 0.75% Libor floor and a par offer price, according to sources.

The loan has 101 soft call protection for six months, sources said.

Bank of America Merrill Lynch is the lead bank on the deal that launched with a call on Friday.

Proceeds will be used to reprice an existing term loan from Libor plus 275 bps with a 0.75% Libor floor.

Covanta is a Morristown, N.J.-based owner and operator of energy-from-waste and power generation projects.

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