The Firm recently represented Barclay’s Capital Inc., Citigroup, Inc., J.P. Morgan Securities Inc. and other initial purchasers in connection with Covanta Holding Corporation’s Rule 144A offering of $400 million aggregate principal amount of 3.25% Cash Convertible Senior Notes due 2014. The Firm also represented the dealer counterparties in connection with cash convertible note hedge and warrant transactions with Covanta that are expected to reduce Covanta’s exposure to potential cash payments in excess of the principal amount of the notes upon conversion. The offering closed May 22, 2009.
Covanta is one of the world’s leading companies in the conversion of waste to energy industry, with operations in the United States, Europe and Asia. Covanta owns, has equity interests and/or operate 60 energy generation facilities, primarily in the Northeast of the United States.
The Simpson Thacher team included Andy Keller, Roxane Reardon, Juan Francisco Méndez, Tim Turton, and Jonathan A. Lieberman Fernández (Capital Markets); Joyce Xu, Peter Walgren and Yu Wang (Equity Derivatives); Marcy Geller and Danny Salinas (Tax); Mike Isby (Environmental); Jeanne Annarumma, Nisha Jain and Parker Kelsey (Executive Compensation and Employee Benefits); Steven DeLott (Insurance); Amy Beller and Jonathan Lin (Regulatory); and Andrew Pagliughi (Blue Sky). Paralegal Christina Mauricio also provided valuable assistance.