Calpine Corporation Announces Closings of Senior Secured Notes Offering and Term Loan Facility
December 15 2017 - 4:30PM
Business Wire
Calpine Corporation (NYSE: CPN) today announced the closing of
$1,560,000,000 of financings, including its previously disclosed
private placement of $560,000,000 in aggregate principal amount of
its 5.250% Senior Secured Notes due 2026 and a new $1,000,000,000
first lien term loan facility maturing in January 2025 that Calpine
Construction Finance Company, L.P., an indirect, wholly owned
subsidiary of Calpine Corporation entered into concurrently with
the closing of the notes offering.
The net proceeds from the notes offering and the new term loan
facility were used, together with cash on hand, to (i) repay
approximately $1.6 billion of borrowings outstanding under Calpine
Construction Finance Company, L.P.’s, first lien term loan facility
with tranches maturing in 2020 and 2022, terminating the facility
in connection therewith and (ii) pay fees and expenses in
connection with the offering of the notes, the new first lien term
loan facility and such repayments and terminations.
The notes will not be registered under the U.S. Securities Act
of 1933, as amended (the “Securities Act”), and may not be offered
or sold in the U.S. without registration under the Securities Act
or pursuant to an applicable exemption from such registration.
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and nor shall there
be any offer, solicitation or sale of any security in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Calpine
Calpine Corporation is America’s largest generator of
electricity from natural gas and geothermal resources with
operations in competitive power markets. Our fleet of 80 power
plants in operation or under construction represents approximately
26,000 megawatts of generation capacity. Through wholesale power
operations and our retail businesses Calpine Energy Solutions and
Champion Energy, we serve customers in 25 states, Canada and
Mexico. Our clean, efficient, modern and flexible fleet uses
advanced technologies to generate power in a low-carbon and
environmentally responsible manner. We are uniquely positioned to
benefit from the secular trends affecting our industry, including
the abundant and affordable supply of clean natural gas,
environmental regulation, aging power generation infrastructure and
the increasing need for dispatchable power plants to successfully
integrate intermittent renewables into the grid.
Forward-Looking Information
In addition to historical information, this release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements may appear throughout this release or in Calpine’s
reports and registration statements filed with the Securities and
Exchange Commission. Words such as “believe,” “intend,” “expect,”
“anticipate,” “plan,” “may,” “will,” “should,” “estimate,”
“potential,” “project” and similar expressions identify
forward-looking statements. Such statements include, among others,
those concerning expectations regarding the use of proceeds from
the offering, expected financial performance and strategic and
operational plans, as well as assumptions, expectations,
predictions, intentions or beliefs about future events. We believe
that the forward-looking statements are based upon reasonable
assumptions and expectations. However, 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, 2016. 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. Given the risks and
uncertainties surrounding forward-looking statements, you should
not place undue reliance on these statements. Many of these factors
are beyond our ability to control or predict. Our forward-looking
statements speak only as of the date of this release. Actual
results or developments may differ materially from the expectations
expressed or implied in the forward-looking statements, and, other
than as required by law, Calpine undertakes no obligation to update
any such statements, whether as a result of new information, future
events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171215005796/en/
Calpine CorporationMedia
Relations:Brett Kerr,
713-830-8809brett.kerr@calpine.comorInvestor
Relations:Bryan Kimzey,
713-830-8775bryan.kimzey@calpine.com
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