Covanta Plans Equipment Lease Financing for NYC Project
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Covanta Holding Corp. plans to borrow in the lease-financing market to buy about $110 million of equipment for a waste disposal deal with New York City, according to Chief Financial Officer Brad Helgeson.
The waste-management and renewable-energy company is seeking equipment-lease financing to fund the purchases because it has similar duration and has lower interest costs than the high-yield bond market, Helgeson said. Morristown, New Jersey-based Covanta is working with Bank of America on a portion of the investment, which will take place over three years, he said.