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Covanta launches $100M trade receivable securitization program

Covanta Holding Corp. on Dec. 9 said its subsidiary Covanta Energy LLC entered into a $100 million trade receivable securitization program.

The program will allow Covanta to hike incremental, low cost funding through the sale of certain receivables on a revolving basis to third-party financial institutions.

"From a reporting standpoint, this transaction will reduce balance sheet leverage in the near-term, as we used proceeds from the initial sale of receivables to repay borrowings under our revolver, and the resulting cash flow benefit was contemplated in our outlook for 2019," Covanta CFO Bradford Helgeson said.

Crédit Agricole Corporate and Investment Bank is the administrative agent for the program.