Covanta receives amendment to master credit facility while continuing discussions with bank group

FAIRFIELD, N.J., March 14, 2002 – Covanta Energy Corp. on Thursday announced that it has reached agreement with its senior secured bank group on an amendment to its Master Credit Facility (formally known as the Revolving Credit and Participation Agreement), which will permit it to continue discussions concerning bank fees and other amounts due this week and other matters.

The amendment allows Covanta to continue to use its cash to operate its business as usual pending a resolution of Covanta’s request for amendments regarding those matters, as announced March 11. Discussions with its banks are expected to continue through next week. There can be no assurances that such discussions will result in an agreement.

As previously announced, the company is pursuing a restructuring of its balance sheet as part of its comprehensive review of strategic options.

Covanta Energy Corp. is an internationally recognized designer, developer, owner and operator of power generation projects and provider of related infrastructure services. The company’s independent power business develops, structures, owns, operates and maintains projects that generate power for sale to utilities and industrial users worldwide.

Its waste-to-energy facilities convert municipal solid waste into energy for numerous communities, predominantly in the United States.

The company also offers single-source design/build/operate capabilities for water and wastewater treatment infrastructures. Additional information about Covanta can be obtained via the Internet at, or through the company’s automated information system at 866-COVANTA (268-2682).

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