August 21, 2018

Milbank Represents Covanta in $1.3B Refinancing

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Milbank LLP represented Covanta Energy, LLC, as the borrower, along with certain subsidiaries of the company, as guarantors, in connection with a refinancing of their existing senior secured term loan and revolving credit facilities. The new $1.3 billion of credit facilities consist of a $900 million revolving credit facility and a $400 million term loan, and represent an aggregate increase of $100 million over the previous facilities. A portion of the proceeds of the new term loan was used to repay outstanding borrowings under the existing revolving credit facility.

Covanta is a global industry 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 its vast network of treatment and recycling facilities, Covanta provides comprehensive industrial material management solutions for companies facing the most complex environmental challenges.

The Milbank team was led by Leveraged Finance partners Lauren Hanrahan and Marcus Dougherty and included associates Gabrielle Paolini and Benjamin Eisenstein.