Covanta Holding Corporation (NYSE: CVA) announced that it has completed the refinancing of its senior secured credit facilities. The new $1.3 billion credit facilities, which consist of a $900 million revolving credit facility and $400 million term loan, and represent an aggregate increase of $100 million over the previous facilities, are due August 2023. A portion of the proceeds of the new upsized term loan were used to reduce outstanding borrowings under the revolving credit facility. Initial pricing on the new credit facilities is LIBOR plus 2.00%. All other material provisions, including covenants, are substantially unchanged.

"We appreciate the continued support of our banking partners and their recognition of the inherent creditworthiness of Covanta's assets and highly contracted business model," said Bradford J. Helgeson, Covanta's CFO. "This refinancing expands our credit capacity, reduces the cost of our revolver, and further extends our debt maturity profile, as we now have no material debt maturities until 2022."

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 20 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle over 550,000 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. For more information, visit covanta.com.