MORRISTOWN, N.J., Oct. 18, 2018 /PRNewswire/ -- Covanta Holding
Corporation, a Delaware corporation (NYSE: CVA) (the "Company" or "Covanta"), today announced
the closing of its previously announced underwritten registered public offering of $400 million
aggregate principal amount of 6.000% senior notes due 2027 (the "Note Offering").
The Company intends to use the net proceeds of the Note Offering along with cash on hand and/or direct borrowings under
Covanta Energy, LLC's revolving credit facility to fund the redemption of all of its 6.375% Senior Notes due 2022 (the "Existing
Notes") on or around November 2, 2018 and to pay transaction fees and expenses and accrued
interest. Pending such use, the Company intends to use a portion of the net proceeds of the Note Offering to repay borrowings
outstanding under Covanta Energy, LLC's revolving credit facility in an amount up to $202 million
and invest the remaining net proceeds in short-term interest-bearing accounts, securities or similar investments.
J.P. Morgan, BofA Merrill Lynch, Citizens Capital Markets, Inc., Credit Agricole CIB, MUFG and SMBC Nikko acted as joint
bookrunning managers in the Note Offering. A copy of the prospectus supplement and prospectus relating to these securities
may be obtained, when available, by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, or by calling +1 (866) 803-9204.
About Covanta
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta's modern Energy-from-Waste
facilities safely convert approximately 22 million tons of waste from municipalities and businesses into clean, renewable
electricity to power one million homes and recycle approximately 600,000 tons of metal. Through a vast network of treatment and
recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions
to some of today's most complex environmental challenges.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and
Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta and
its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or
implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements.
Forward-looking statements can be identified by, among other things, the use of forward- looking language, such as the words
"plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks,"
or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable
language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act,
the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Covanta
cautions investors that any forward-looking statements made by Covanta are not guarantees or indicative of future performance.
Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking
statements with respect to Covanta include, but are not limited to, the risks and uncertainties affecting Covanta's businesses
described in periodic securities filings by Covanta with the SEC. Important factors, risks and uncertainties that could cause
actual results to differ materially from those forward-looking statements include, but are not limited to: seasonal or long-term
fluctuations in the prices of energy, waste disposal, scrap metal and commodities; Covanta's ability to renew or replace expiring
contracts at comparable prices and with other acceptable terms; adoption of new laws and regulations in the United States and abroad, including energy laws, environmental laws, tax laws, labor laws and healthcare
laws; failure to maintain historical performance levels at Covanta's facilities and its ability to retain the rights to operate
facilities it does not own; Covanta's ability to avoid adverse publicity or reputational damage relating to its business;
advances in technology; difficulties in the operation of its facilities, including fuel supply and energy delivery interruptions,
failure to obtain regulatory approvals, equipment failures, labor disputes and work stoppages, and weather interference and
catastrophic events; difficulties in the financing, development and construction of new projects and expansions, including
increased construction costs and delays; limits of insurance coverage; Covanta's ability to avoid defaults under its long-term
contracts; performance of third parties under its contracts and such third parties' observance of laws and regulations;
concentration of suppliers and customers; geographic concentration of facilities; increased competitiveness in the energy and
waste industries; changes in foreign currency exchange rates; limitations imposed by Covanta's existing indebtedness and its
ability to perform its financial obligations and guarantees and to refinance its existing indebtedness; exposure to counterparty
credit risk and instability of financial institutions in connection with financing transactions; the scalability of its business;
restrictions in its certificate of incorporation and debt documents regarding strategic alternatives; failures of disclosure
controls and procedures and internal controls over financial reporting; Covanta's ability to attract and retain talented people;
Covanta's ability to utilize net operating loss carryforwards; general economic conditions in the
United States and abroad, including the availability of credit and debt financing; and other risks and uncertainties
affecting Covanta's businesses described in periodic securities filings by Covanta with the SEC. Although Covanta believes that
its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual
results could differ materially from a projection or assumption in any forward-looking statements. Covanta's future financial
condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and
uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Covanta
does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new
information, subsequent events or otherwise, unless otherwise required by law.
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SOURCE Covanta Holding Corporation