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Covanta Announces Adjustment to the Conversion Rate on Its 3.25% Cash Convertible Senior Notes Due 2014

MORRISTOWN, NJ -- (Marketwired) -- 03/14/14 -- Covanta Holding Corporation (NYSE: CVA) ("Covanta" or the "Company") today announced an adjustment to the conversion rate on its 3.25% cash convertible senior notes due June 1, 2014 in connection with its previously announced dividend that was payable on January 3, 2014 to stockholders of record as of the close of business on December 26, 2013. As a result of this dividend, the conversion rate was adjusted to 64.6669 shares of Covanta's common stock per $1,000 principal amount of the notes. The adjusted conversion rate is equivalent to an adjusted conversion price of $15.46 per share.

On February 26, 2014, Covanta announced a quarterly cash dividend payable on April 2, 2014 to stockholders of record as of the close of business on March 26, 2014. This dividend will result in a further adjustment to the conversion rate. Covanta plans to issue a press release announcing the adjustment on the ex-dividend date, which is March 24, 2014.

About Covanta
Covanta is a world leader in providing sustainable waste and energy solutions. The Company's 45 Energy-from-Waste facilities provide communities and businesses around the world with environmentally sound solid waste disposal by using waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into clean, renewable electricity to power one million homes and recycle over 440,000 tons of metal. Energy-from-Waste facilities reduce greenhouse gases, complement recycling and are a critical component to sustainable solid waste management. For more information, visit www.covanta.com.

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