Calpine Corp. has priced $1.25 billion of its upsized 4.500% senior secured notes due 2028. The private placement offering was increased from $750 million.

Together with cash on hand, the company intends to use proceeds from the offering to purchase its 6.000% senior secured notes due 2022 and its 5.875% senior secured notes due 2024, redeem any of the 2022 and 2024 notes not tendered in connection with the tender offers, and for general corporate purposes. Calpine extended the expiration date for the tender offer by a day to 5:00 p.m. ET on Dec. 17.

The offering is expected to close Dec. 20, subject to customary conditions.