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Calpine closes $1.56B of financing deals

Calpine Corp. closed $1.56 billion of financing transactions, including a private placement of $560 million of its 5.25% senior secured notes due 2026 and a new $1 billion first-lien term loan facility due January 2025.

The term loan was secured by Calpine subsidiary Calpine Construction Finance Co. LP concurrently with the closing of the notes offering, according to a Dec. 15 news release.

Calpine used net proceeds from the transactions to repay approximately $1.6 billion of outstanding borrowings under Calpine Construction Finance's first-lien term loan facility with tranches maturing in 2020 and 2022.