Calpine Corporation announced the closing of $1,187,000,000 of financings, including its previously disclosed private placement of $625,000,000 in aggregate principal amount of 5.250% Senior Secured Notes due 2026 and its $562,000,000 first lien term loan facility maturing in May 2023. The principal amount of the new term loan facility was increased from $500,000,000.

 

The net proceeds from the notes and the new term loan facility were used, together with cash on hand, to repay all $1,187,000,000 of its first lien term loans facilities maturing in 2019 and 2020, terminating the facilities in connection therewith, including $805.8 million of borrowings outstanding under its first lien term loan facility maturing in 2019 and $381.2 million of borrowings outstanding under its first lien term loan facility maturing in 2020, and to pay fees and expenses in connection with the offering of the notes, the new term loan facility and such repayments and terminations.

 

Calpine has no further corporate debt maturities until 2022.

 

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 shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

Calpine Corporation

www.calpine.com