CVA - Covanta - New Senior Notes Examined
Investment Thesis
Covanta Holding Corporation (CVA) is taking active steps to restructure its corporate debt. These movements will allow it to continue its growth with greater financial stability.
How is CVA's debt now?
CVA has multiple levels of debt - some is held at the highest level which are the three series of senior notes, followed by the revolver, the rest of the debt is held by subsidiaries or project level debt.
Source: CVA Presentation
Not present on this chart or calculated into the interest expenses to be discussed below is a new