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Calpine : Reports Closing of Senior Unsecured Notes Offering

07/25/2014 | 12:44am US/Eastern

Calpine Corp. said that it has received aggregate net proceeds of approximately $2,761 million, after deducting underwriting discounts and estimated expenses, upon the closing of its registered public offering of $1,250,000,000 in aggregate principal amount of its 5.375 percent Senior Unsecured Notes due 2023 and $1,550,000,000 in aggregate principal amount of its 5.750 percent Senior Unsecured Notes due 2025.

According to a release, Calpine Corp. intends to use the net proceeds from this offering, together with cash on hand (if necessary), to (i) repurchase all of the Company's 8 percent Senior Secured Notes due 2019, (ii) purchase pursuant to a tender offer and consent solicitation, and/or redeem, the outstanding principal amount of the Company's 7.875 percent Senior Secured Notes due 2020 and 7.50 percent Senior Secured Notes due 2021 and (iii) pay premiums, fees and expenses relating to the purchase and redemption of existing secured notes described above.

Calpine Corp. owns and operates primarily natural gas-fired and geothermal power plants in North America.

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