Covanta Holding alters conversion price of 3.25% convertibles due 2014

By Tali Rackner

Norfolk, Va., March 14 - Covanta Holding Corp. adjusted the conversion rate for its 3.25% cash convertible senior notes due 2014 to 64.6669 shares per $1,000 principal amount of debentures, according to a press release.

The conversion rate is equivalent to an adjusted conversion price of $15.46 per share.

The change is a result of the company's previously announced dividend that was paid on Jan. 3, the release said.

On Feb. 26, Covanta announced a quarterly cash dividend payable on April 2 to stockholders of record as of the close of business on March 26, which will result in a further adjustment to the conversion rate. The company said it will issue a press release announcing the adjustment on the ex-dividend date, which is March 24.

Covanta is a Morristown, N.J.-based owner and operator of large-scale renewable energy projects.

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