Covanta Holding alters conversion price of 3.25% convertibles due 2014

By Toni Weeks

San Diego, June 25 - Covanta Holding Corp. announced the adjustment of the conversion rate for its 3.25% cash convertible senior notes due 2014 to 61.4782 shares per $1,000 principal amount of debentures.

The change is a result of the company's previously announced dividend to be paid on July 6.

The conversion rate is equivalent to an adjusted conversion price of $16.27 per share.

Covanta is a Morristown, N.J.-based owner and operator of large-scale renewable energy projects. Its shares (NYSE: CVA) closed at $16.84 apiece on June 22.

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