Calpine Corporation Announces Closing of the Amendment and Extension of $498.5 Million Steamboat Credit Facility
November 24 2009 - 4:57PM
Business Wire
Calpine Corporation (NYSE:CPN) today announced that it has
closed on an amendment and extension of its Steamboat facility, a
portfolio financing that includes its Mankato Power Plant and
Freeport Energy Center. The amendment and extension is for $498.5
million in eight-year senior secured credit facilities, including a
$465 million senior term loan facility, an $11 million senior
secured power security fund letter of credit and a $22.5 million
debt service reserve letter of credit.
The amendment and extension recapitalizes a $467 million
construction six-year term loan facility entered into in 2005 that
was used to build the Freeport and Mankato projects. Freeport is a
cogeneration facility located in Freeport, Texas, and Mankato is a
combined cycle facility located in Blue Earth County, Minn.
“We are pleased to have completed this refinancing on favorable
terms,” said Zamir Rauf, Calpine Chief Financial Officer. “This is
another important step in our commitment to extend our debt
maturities and simplify our capital structure.”
The joint lead arrangers in this transaction include Calyon New
York Branch, WestLB AG, New York Branch, Cobank ACB, The Bank of
Tokyo-Mitsubishi UFJ, Ltd., Landesbank Hessen-Thüringen, Natixis,
New York Branch, The Bank of Ireland and Bayerische Hypo- Und
Vereinsbank.
About Calpine
Calpine Corporation is helping meet the needs of an economy that
demands more and cleaner sources of electricity. Founded in 1984,
Calpine is a major U.S. power company, currently capable of
delivering nearly 25,000 megawatts of clean, cost-effective,
reliable and fuel-efficient electricity to customers and
communities in 16 states in the United States and Canada. Calpine
owns, leases, and operates low-carbon, natural gas-fired, and
renewable geothermal power plants. Using advanced technologies,
Calpine generates electricity in a reliable and environmentally
responsible manner for the customers and communities it serves.
Forward-Looking Information
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Words such as "believe," "intend," "expect," "anticipate," "plan,"
"may," "will" and similar expressions identify forward-looking
statements. Such statements include, among others, those concerning
expected financial performance and strategic and operational plans,
as well as assumptions, expectations, predictions, intentions or
beliefs about future events. You are cautioned that any such
forward-looking statements are not guarantees of future performance
and that a number of risks and uncertainties could cause actual
results to differ materially from those anticipated in the
forward-looking statements. Please see the risks identified in this
release or in Calpine's reports and registration statements filed
with the Securities and Exchange Commission, including, without
limitation, the risk factors identified in its Annual Report on
Form 10-K for the year ended December 31, 2008, and its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2009. These
filings are available by visiting the Securities and Exchange
Commission's web site at www.sec.gov or Calpine's web site at
www.calpine.com. Actual results or developments may differ
materially from the expectations expressed or implied in the
forward-looking statements, and Calpine undertakes no obligation to
update any such statements.
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