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Calpine to issue $750M in senior notes to fund tender offer

Calpine Corp. on Dec. 10 announced plans to issue $750 million in senior notes due 2028 in a private placement.

Together with cash on hand, the company intends to use the proceeds from the offering to purchase $750 million of its 6.000% senior secured first lien notes due 2022 under its cash tender offer, according to a filing.

Calpine may also use the proceeds to redeem any of the 2022 notes that are not tendered in the cash tender offer, plus any premiums, fees and expenses relating to the tender offer.

The company will offer $1,003 per $1,000 of the 2022 notes, according to a separate news release. The tender offer will expire at 5 p.m. ET on Dec. 16.

Credit Suisse Securities (USA) LLC is the dealer manager, while D.F. King & Co. Inc. is both the tender agent and information agent in the tender offer.