MORRISTOWN, N.J., Aug. 22, 2019 /PRNewswire/ -- Covanta Holding Corporation (NYSE: CVA) ("Covanta" or the "Company"), a world leader in sustainable waste management and renewable energy, today announced the successful closing of $50 million in new tax-exempt bonds, issued through the Pennsylvania Economic Development Financing Authority, with a 20-year maturity and a coupon of 3.25%. The bonds were issued in compliance with the Green Bond Principles and will finance eligible green expenditures at certain of our facilities in Pennsylvania, specifically costs related to our metals recycling activities, construction of our new total ash processing system ("TAPS") and energy-from-waste plant maintenance.
"We are very pleased to announce our first green bond issuance, which recognizes our commitment and ongoing investment in environmental sustainability," said Bradford Helgeson, Covanta's Chief Financial Officer. "From a financing standpoint, these bonds represent very attractive, long-term funding that further improves the cost, tenor and flexibility of our capital structure."
The new bonds are unsecured obligations of Covanta Holding Corporation and are not guaranteed by any of our subsidiaries.