Covanta launches cash tender for all $373.75 million 1% convertibles

By Devika Patel

Knoxville, Tenn., Nov. 9 - Covanta Holding Corp. said it has launched a cash tender offer for all $373.75 million of its 1% senior convertible debentures due 2027.

The offer will expire at midnight ET on Dec. 8.

Covanta said it will pay $990 for each $1,000 of debentures, plus interest up to, but not including, the payment date.

The offer is conditioned upon the company raising at least $400 million through a sale of its senior notes.

Barclays Capital Inc. (800 438-3242 or 212 528-7581) is the lead dealer manager and Bank of America Merrill Lynch is the co-dealer manager (888 292-0070 or 980 388-4603). D.F. King & Co., Inc. (800 967-7635 or 212 269-5550) is the information agent and depositary.

Covanta is a Fairfield, N.J.-based waste disposal, energy and specialty services company.

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