Calpine raises $1,200 million through private placement of senior secured notes

Fri. October 23, 2009; Posted: 02:20 PM

Oct 23, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- CPN | Quote | Chart | News | PowerRating -- Calpine Corporation, a US-based power generation company, has completed its offering of $1,200 million in aggregate principal amount of 7.25% senior secured notes due 2017 in a private placement to holders of term loans under its existing credit facility.

Update on October 13, 2009:

Calpine has announced the pricing of its 7.25% senior secured notes due 2017 in a private placement to holders of term loans under its existing credit facility. The amount of the offering has been increased from $750 million to $1,200 million, provided that the amount of loans purchased and notes issued could be slightly less than $1,200 million due to rounding of amounts issued to $1,000 increments.

The offering is expected to close on October 21, 2009.

Announcement (October 13, 2009):

Calpine has agreed to raise $750 million through a private placement of senior secured notes due 2017 to holders of term loans under its existing credit facility.

The notes will be guaranteed by each of Calpine's current and future subsidiaries that is a guarantor under its existing credit facility. The notes and related guarantees will be secured equally and ratably with the indebtedness incurred under Calpine's existing credit facility by a first-priority lien on substantially all of its and certain of the guarantors' existing and future assets, subject to certain exceptions and permitted liens.

Deal Value (US$ Million) 1200
Deal Type                Private Placement
Sub-Category             None
Deal Status              Completed: 2009-10-21

Deal Participants

Target (Company)   Calpine Corporation
Acquirer (Company) Undisclosed Investors

For full details on Calpine Corp (CPN) click here. Calpine Corp (CPN) has Short Term PowerRatings of 6. Details on Calpine Corp (CPN) Short Term PowerRatings is available at This Link.

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