Covanta Holding adjusts conversion price on 3.25% and 1% convertibles

By Jennifer Chiou

New York, July 13 - Covanta Holding Corp. announced changes to the conversion price for its 3.25% five-year convertible senior notes due 2014 and its 1% senior convertible debentures due 2027.

The adjustments are a result of the company's previously announced special cash dividend of $1.50 per share declared on June 17 and payable on July 20.

For the 3.25% convertibles, the conversion rate will be adjusted to 59.1871 shares of Covanta's common stock per $1,000 principal amount, equivalent to an adjusted conversion price of $16.90 per share. This change is effective as of July 8.

For the 1% debentures, the conversion rate will be adjusted to 38.9883 shares per $1,000 principal amount. The adjusted conversion rate is equivalent to an adjusted conversion price of $25.65 per share.

This conversion rate adjustment for the debentures became effective on Tuesday.

The company's shares (NYSE: CVA) closed at $15.75 each on Tuesday.

Covanta is a Fairfield, N.J.-based waste disposal, energy and specialty services company.

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