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Calpine closes sale of $1.25B of notes, prices another $1.40B debt offering

Calpine Corp. on Dec. 20 closed a private placement of $1.25 billion of its 4.5% senior secured notes due 2028, one day after pricing a separate offering of $1.40 billion of its 5.125% senior notes due 2028.

The private offering of 5.125% notes is an increase from the $1.25 billion announced previously. The transaction is expected to close Dec. 27, subject to customary closing conditions, according to company news releases.

The company plans to use proceeds from the offerings to help fund tender offers for its outstanding 6%, 5.875% and 5.375% senior notes and redeem any of the notes not tendered in the tender offers.

Any remainder of the net proceeds from the offerings will be used for general corporate purposes, including the repayment of existing indebtedness.

Also on Dec. 20, Calpine announced the final results of its cash tender offers for its 6% notes and its 5.875% senior secured notes due 2024. The offers expired at 5 p.m. ET on Dec. 17, followed by the guaranteed delivery expiration at 5 p.m. ET on Dec. 19.

The company accepted for purchase approximately $504.7 million of the 2022 notes and approximately $306.3 million of the 2024 notes, which were validly tendered as of 5 p.m. ET on Dec. 19.

Holders will receive $1,003.00 per $1,000 principal amount of the 2022 notes and $1,022.50 per $1,000 principal amount of the 2024 notes, plus accrued and unpaid interest.

Concurrently, Calpine issued redemption notices to redeem any notes not purchased in the offers.

The company retained Credit Suisse Securities (USA) LLC as the dealer manager and D.F. King & Co. Inc. as both the tender agent and the information agent.