Covanta Holding Corporation Completes $94 Million Cash Deal to Acquire the Delaware Valley Resource Recovery Facility in Chester, Pa., from GE Energy Financial Services

Covanta Holding Corporation announced that it has completed a $94 million cash deal to acquire the Delaware Valley Resource Recovery facility in Chester, Pa., from GE Energy Financial Services. The transaction also included the purchase of about $122 million cash collateral trust and the assumption of $64 million in facility project debt principal. The cash collateral trust will be used through 2019 to service project debt and to make cash distributions to the company.

The purchase price was funded from cash on hand and available liquidity under Covanta's revolving credit facility. The energy-from-waste facility is operated by Covanta and was previously leased from GE Energy Financial Services. It has a processing capacity of about 2,700 tons per day.