Energy Industry
Industry: Email Alert RSS FeedCALPINE COMPLETES SECURED NOTES OFFERING
Hart's Petroleum Finance Week, July, 2003
San Jose, Calif.-based Calpine Corp. (NYSE: CPN) closed its $3.3 billion term loan and second-priority senior secured notes offering. The loan and notes are secured by substantially all of the assets owned directly by Calpine, including gas and power plant assets and the stock of Calpine Energy Services and other subsidiaries. The offering was comprised of two tranches of floating rate securities and two tranches of fixed rate securities. The floating rate securities included a $750 million, four-year term loan priced at Libor plus 575 basis points and $500 million of notes due 2007 at the same price. The fixed rate securities included $1.15 billion of 8.5 percent notes due 2010 and $900 million of 8.75 percent notes due 2013. Proceeds will be used to pay debt.
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