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Covanta Holding Corporation (NYSE:CVA) announced the closing of its $400 million offering of 5.000% senior notes due 2030. The funds will be used to redeem existing 5.875% senior notes due 2024 and cover related expenses. Between the offering and redemption date, Covanta plans to utilize proceeds for debt repayment and invest in short-term securities. The offering was managed by J.P. Morgan, BofA Securities, and others. Covanta operates Waste-to-Energy facilities that convert waste into electricity and provides industrial material management services.
Covanta Holding Corporation (NYSE: CVA) announced a loan agreement with the National Finance Authority, issuing $129.4 million in tax-exempt bonds to refinance older debt. The new bonds, with a weighted average coupon of 3.71%, lower interest costs by 145 basis points and are unsecured. The refinancing is expected to save over $5 million in annual cash interest. The bond details include Series 2020A and 2020B, with maturity dates in 2043 and 2045.
Covanta Holding Corporation (NYSE:CVA) has priced its public offering of $400 million in senior notes due 2030, with a 5.000% coupon, set to close on August 25, 2020. The funds will be used to redeem existing 5.875% Senior Notes due 2024 on September 10, 2020, and for transaction-related expenses. The offering follows an effective shelf registration with the SEC. J.P. Morgan and others are acting as joint bookrunning managers. Covanta is a leader in sustainable waste-to-energy solutions, processing 21 million tons of waste annually.
Covanta Holding Corporation announced a $400 million public offering of senior unsecured notes to refinance existing debt and cover transaction costs. The proceeds will be used to redeem all of its 5.875% Senior Notes due 2024 on September 10, 2020. The company also plans to use part of the funds to reduce borrowings under its revolving credit facility and invest in short-term securities.
Covanta Holding Corporation (NYSE: CVA) will participate in several virtual investor conferences in August and September 2020. Notable events include:
- Stifel 2020 Investor Summit on August 10 at 1:50 PM, featuring CEO Stephen Jones and CFO Bradford Helgeson.
- Raymond James Diversified Industrials Conference on August 25 at 4:40 PM, with CEO Stephen Jones and EVP Derek Veenhof.
- Barclays CEO Energy-Power Conference on September 8 at 4:25 PM, also featuring CEO Stephen Jones.
A live webcast of the presentations will be accessible on Covanta's Investor Relations website.
Covanta Holding Corporation (NYSE: CVA) reported its Q2 2020 financial results, showing a revenue decrease to $454 million from $467 million in Q2 2019. However, the company posted a net loss of $13 million, an improvement from a $21 million loss last year. Key metrics include Adjusted EBITDA of $96 million and free cash flow of $62 million. Covanta noted recovery in waste markets post-COVID-19 lockdowns, indicating resilience amid ongoing challenges. The company has adopted measures to protect employees and maintain operations.
Covanta Holding Corporation (NYSE:CVA) will host a conference call on July 31, 2020 at 8:30 AM (Eastern) to discuss its second quarter results. The press release detailing these results will be published after the market closes on July 30, 2020. Investors can join the call by dialing 1-888-317-6003 (US) or 1-412-317-6061 (international) with passcode 0066556. An archived webcast will be available shortly after the call on Covanta's Investor Relations website.