Calpine Corporation (NYSE: CPN) today 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 is America’s largest generator of electricity from
natural gas and geothermal resources. Our fleet of 84 power plants in
operation or under construction represents more than 27,000 megawatts of
generation capacity. Through wholesale power operations and our retail
Energy, we serve customers in 21 states and Canada. We specialize in
developing, constructing, owning and operating natural gas-fired and
renewable geothermal power plants that use advanced technologies to
generate power in a low-carbon and environmentally responsible manner.
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. 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.
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, 2015. These filings are
available by visiting the Securities and Exchange Commission’s website
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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