Calpine Corporation Announces Extension of Letter of Credit Facility
December 17 2009 - 8:55AM
Business Wire
Calpine Corporation (NYSE:CPN) today announced the closing of an
extension of a $150 million letter of credit facility by its
subsidiary Calpine Development Holdings, Inc. Originally scheduled
to mature in January 2010, the extended facility will now expire in
December 2012.
In addition to lengthening the tenor of the agreement, Calpine
has also enhanced liquidity by securing the option to increase the
size of the facility up to $200 million, subject to the
satisfaction of certain specified conditions.
"This was the last step in our year-long plan to strengthen and
improve the efficiency of our liquidity for the foreseeable
future," said Zamir Rauf, Calpine’s Executive Vice President and
Chief Financial Officer. "This transaction also demonstrates our
continuing ability to access the capital markets."
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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