Covanta to offer $400 million of 10-year bonds in syndicated deal

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Covanta Holding Corp. said Tuesday it is offering $400 million of senior unsecured notes that mature in 2030 in a syndicated deal, joining the many companies that are issuing record levels of debt during the pandemic. The operator of waste-to-energy plans said proceeds of the deal will be used to redeem its 4.875% senior notes due 2024 and to pay related fees. It will also use a portion of the proceeds to repay revolving borrowings. JPMorgan, BofA Securities, Citizens Capital Markets, Credit Agricole, CIB, MUFG and SMBC Nikko are underwriting the deal. Shares were not yet active premarket, but have fallen 31% in the year to date, while the S&P 500 has gained 4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.