Calpine closed a new $1 billion first lien term loan facility maturing in January 2025.
The net proceeds from the new term loan facility and a concurrent notes offering were used, together with cash on hand, to (i) repay approximately $1.6 billion of borrowings outstanding under Calpine Construction Finance Company, 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.
According to a related 8-K filing, Credit Suisse served as administrative agent and collateral agent for the credit facility. Sumitomo Mitsui and ING Capital were co-managers. Credit Suisse Securities, Morgan Stanley Senior Funding, Merrill Lynch, Deutsche Bank Securities, Citigroup Global Markets, The Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Goldman Sachs Lending Partners, Credit Agricole Corporate and Investment Bank, Royal Bank of Canada, BNP Paribas Securities, UBS Securities and Natixis Securities Americas were joint lead arrangers and joint bookrunners.
Calpine is a generator of electricity from natural gas and geothermal resources with operations in competitive power markets.