Covanta Holding Corporation Announces Successful Receipt of Requisite Consents Related to Consent Solicitations for Certain Outstanding Tax-Exempt Bonds of Niagara Area Development Corporation, National Finance Authority, Pennsylvania Economic Development

NEW YORK, Oct. 15, 2021 /PRNewswire/ -- Covanta Holding Corporation (NYSE: CVA) (the "Company" or "Covanta") announced today that the Requisite Consents (as defined below) have been received from the holders ("Holders") of (i) Niagara Area Development Corporation's Series 2018A Bonds (CUSIP No. 653542 AC4) and Series 2018B Bonds (CUSIP No. 653542 AD2) (collectively, the "NY Bonds"), (ii) National Finance Authority's Series 2020A Bonds (CUSIP No. 63607Y AH3) and Series 2020B Bonds (CUSIP No. 63607Y AJ9) (collectively, the "NH 2020 Bonds"), (iii) National Finance Authority's Series 2018A Bonds (CUSIP No. 63607Y AA8), Series 2018B Bonds (CUSIP No. 63607Y AB6), Series 2018C Bonds (CUSIP No. 63607Y AC4) (collectively, the "NH 2018 Bonds"), (iv) Pennsylvania Economic Development Financing Authority's Series 2019A Bonds (CUSIP No. 708692 BQ0) (the "PA Bonds") and (v) Virginia Small Business Financing Authority's Series 2018A-1 Bonds (CUSIP No. 928106 AQ6) (the "VA Bonds" and, together with the NY Bonds, the NH 2020 Bonds, the NH 2018 Bonds, the "Bonds") to amend the terms of the applicable Loan Agreement (as defined below) and/or the NY Bonds Indenture (as defined below). A "Loan Agreement" refers to each of the loan agreements relating to the Bonds, as applicable, and the "NY Bonds Indenture" refers to the indenture pursuant to which the NY Bonds were issued. An "Indenture" refers to each of the indentures pursuant to which the Bonds, as applicable, were issued.

As previously announced on October 5, 2021, Covert Mergeco, Inc, a Delaware corporation ("Merger Sub"), an affiliate of certain investment funds affiliated with EQT Infrastructure, has commenced solicitations of consents (each, a "Consent Solicitation") from the Holders of the Bonds to certain amendments (the "Proposed Amendments") to the applicable Loan Agreement and/or the NY Bonds Indenture. Approval of the Proposed Amendments requires consents from the relevant Holders of at least a majority in aggregate principal amount of the Bonds then outstanding under the applicable Indenture, in each case (the "Requisite Consents").