Allan Gerlat, News Editor

November 8, 2012

1 Min Read
Waste-to-Energy Firm Covanta Refinances Debt

Waste-to-energy firm Covanta Holding Corp. is offering $335 million in tax-exempt bonds to refinance existing project debt and allow for future capital expenditures.

The Morristown, N.J.-based Covanta said in a news release the offerings, expected to close later in November, will refinance project debt at its Havermill, Niagara and SEMASS facilities. It also will fund certain expenditures in Massachusetts.

The move will free up about $280 million of additional cash flow over the next five years that would have gone for debt repayment.

“By replacing secured project debt with unsecured corporate level debt, this transaction will enhance our financial flexibility and further simplify our capital structure going forward," said Brad Helgeson, Covanta vice president and treasurer.


About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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