Covanta Holding Corporation Announces Conversion Rate Adjustments on Senior Notes and Debentures

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Jul 13, 2010, 09:29 ET

FAIRFIELD, N.J., July 13 /PRNewswire-FirstCall/ -- Covanta Holding Corporation (NYSE: CVA) today announced that in connection with its previously announced special cash dividend of $1.50 per share, adjustments have been made to the conversion rates applicable to its 3.25% cash convertible senior notes due 2014 and to its 1.00% senior convertible debentures due 2027.

The dividend was declared on June 17, 2010, and will be payable on July 20, 2010 to stockholders of record as of the close of business on July 12, 2010.

The 3.25% Cash Convertible Notes due 2014:

The conversion rate will be adjusted to 59.1871 shares of Covanta's common stock per $1,000 principal amount of the notes. The adjusted conversion rate is equivalent to an adjusted conversion price of $16.90 per share and became effective on July 8, 2010.

The 1.00% Senior Convertible Debentures due 2027:

The conversion rate will be adjusted to 38.9883 shares of Covanta's common stock per $1,000 principal amount of the debentures. The adjusted conversion rate is equivalent to an adjusted conversion price of $25.65 per share. This conversion rate adjustment became effective on July 13, 2010.

About Covanta

Covanta Holding Corporation (NYSE: CVA), is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 45 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into more than 9 million megawatt hours of clean renewable electricity and create 10 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaholding.com.

SOURCE Covanta Holding Corporation