Issuer:
|
Covanta Holding Corporation | |
Security description:
|
7.250% Senior Notes due 2020 | |
Distribution:
|
SEC Registered | |
Size:
|
$400,000,000 | |
Gross proceeds:
|
$400,000,000 | |
Net proceeds (before expenses):
|
$392,000,000 | |
Maturity:
|
December 1, 2020 | |
Coupon:
|
7.250% | |
Price:
|
100.000% of principal amount | |
Yield to maturity:
|
7.250% | |
Spread to Benchmark Treasury:
|
+436 basis points | |
Benchmark Treasury:
|
UST 2.625% due August 15, 2020 | |
Interest Payment Dates:
|
December 1 and June 1, beginning on June 1, 2011. Interest will accrue from December 1, 2010. | |
Equity Clawback:
|
Prior to December 1, 2013, up to 35% at 107.25% plus accrued and unpaid interest | |
Make-whole:
|
Make-whole call at T+50 bps prior to December 1, 2015 | |
Optional redemption:
|
On and after December 1, 2015, at the prices set forth below (expressed as percentages of the principal amount), plus accrued and unpaid interest: |
| Year | Percentage | |||
2015
|
103.625 | % | ||
2016
|
102.417 | % | ||
2017
|
101.208 | % | ||
2018 and thereafter
|
100.000 | % | ||
Change of control:
|
Putable at 101% of principal plus accrued and unpaid interest | |
Trade date:
|
November 16, 2010 | |
Settlement:
|
T+ 10; December 1, 2010 | |
CUSIP:
|
22282EAD4 | |
ISIN:
|
US22282EAD40 | |
Denominations/Multiple:
|
$2,000 x $1,000 | |
Ratings (Moody’s/S&P):
|
Ba3/B | |
Joint Book-Running Managers:
|
J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner, & Smith Incorporated Barclays Capital Inc. Citigroup Global Markets Inc. |
|
Joint Lead Managers:
|
Credit Agricole Securities (USA) Inc. RBS Securities Inc. |
|
Co-Managers:
|
HSBC Securities (USA) Inc. Mizuho Securities USA Inc. TD Securities (USA) LLC |