NEW YORK (S&P Global Ratings) Nov. 5, 2021--S&P Global Ratings said today that Covanta Holding Corp.'s (B+/Positive/--) minor changes to its proposed refinanced capital structure are neutral for credit quality. The proposed structure includes a new $1.335 billion term loan B, $100 million term loan C, and $300 million of new unsecured notes. The structure also includes existing debt, including $155 million of priority debt, $800 million of unsecured notes, and $544 of tax-exempt debt. Total gross debt in the proposed structure is $3.234 billion. The proposed changes do not affect any of our ratings, including our 'B+' issuer credit rating and positive outlook on Covanta, our 'BB' issue-level rating on Covanta's proposed secured debt, and our 'B' issue-level rating
