Calpine Corporation Announces Closing of $1.0 Billion Senior Secured Revolving Credit Facility
December 10 2010 - 4:28PM
Business Wire
Calpine Corporation (NYSE:CPN) today announced the closing of a
$1.0 billion senior secured revolving credit facility. Goldman
Sachs Bank USA (“GS Bank”) acted as the sole book-runner for the
transaction. The revolving credit facility replaces Calpine’s
existing senior secured revolving facility included under its
existing senior secured term loan and revolving credit agreement
and will be utilized for Calpine’s and its subsidiaries’ working
capital requirements and other general corporate purposes. The
revolving credit facility will mature on December 10, 2015. All
amounts outstanding under this $1.0 billion revolving credit
facility will bear interest at either (i) the Base Rate plus 200
basis points or 225 basis points, or (ii) at Libor plus 300 basis
points or 325 basis points in either case based upon a leverage
based pricing grid.
“This revolver refinancing is another important step in
achieving our finance plan to term out our obligations with
covenant packages that give us far greater flexibility to take
advantage of a full spectrum of capital allocation options.
Furthermore, this revolver gives Calpine the flexibility and ample
liquidity required to manage our business effectively,” stated
Zamir Rauf, Calpine’s Chief Financial Officer.
Goldman Sachs Bank USA; Barclays Capital; Citigroup Global
Markets Inc.; Credit Suisse Securities (USA) LLC; Deutsche Bank
Securities Inc.; J.P. Morgan Securities LLC; Morgan Stanley Senior
Funding, Inc.; RBC Capital Markets, LLC; RBS Securities Inc.; UBS
Securities LLC; Merrill Lynch, Pierce, Fenner & Smith
Incorporated; ING Capital LLC, and Union Bank N.A. acted as joint
lead arrangers for the transaction.
About Calpine
Founded in 1984, Calpine Corporation is a major U.S. power
company, currently capable of delivering approximately 27,500
megawatts of clean, cost-effective, reliable and fuel-efficient
power from its 91 operating plants to customers and communities in
20 U.S. states and Canada. Calpine Corporation is committed to
helping meet the needs of an economy that demands more and cleaner
sources of electricity. Calpine owns, leases and operates
low-carbon, natural gas-fired and renewable geothermal power
plants. Using advanced technologies, Calpine generates power in a
reliable and environmentally responsible manner for the customers
and communities it serves. Please visit our website at
www.calpine.com for more information.
Forward-Looking Information
In addition to historical 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, 2009, and its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2010. These
filings are available by visiting the Securities and Exchange
Commission’s website at www.sec.gov or Calpine’s website 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.
Calpine (NYSE:CPN)
Historical Stock Chart
From May 2024 to Jun 2024
Calpine (NYSE:CPN)
Historical Stock Chart
From Jun 2023 to Jun 2024