Calpine Corp. launched a cash tender offer Dec. 19 to purchase any and all of its outstanding 5.375% senior notes due 2023.
The offer will expire at 5 p.m. ET on Dec. 26, unless extended or terminated earlier.
The company also intends to offer $1.25 billion of its senior notes due 2028 in a private placement.
Calpine will use the proceeds from the offering, combined with cash on hand, to purchase its 2023 notes, redeem any of the 2023 notes not tendered, and pay premiums and fees related to the redemption of the 2023 notes.
Proceeds may also be used for other general corporate purposes.