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Covanta bond refinancing +2
08:51 30-Aug-18
Covanta has refinanced over $334.6M in New Hampshire and New York tax exempt bonds. In the process, it has dropped the associated guarantees and its interest costs by over half a percent.
I see this as further benefit from Covanta's improving credit profile, and new confidence in its business. What's really needed is for the company to get more recognition as clean energy in places like California, as well as the corporate sector. In the meantime, CVA shares still aren't down to buy-able territory for me, but I'm also now less-inclined to sell any, as I think the optimization and simplifications that we've been seeing may clear the way for some type of new partnership down the road.