12.3.2004: Meldung: Calpine Corp. Subsidiary: 2,4 Billion US-Dollar New Offerings
CalGen intends to use the net proceeds from the offerings to refinance amounts outstanding under the $2.5 billion CCFC II credit facility, which matures in November 2004, and to pay fees and transaction costs associated with the refinancing. Current outstanding indebtedness and letters of credit under the CCFC II credit facility total approximately $2.3 billion. CalGen also expects to establish a $200 million, three-year revolving credit facility, which is expected to be used for, among other things, the costs to complete CalGen""s power generation facilities that are still under construction.
CalGen and its wholly owned subsidiaries will own 14 power generating facilities located throughout the United States, 11 of which are in commercial operation and three of which are in advanced stages of construction. The term loans, secured notes and revolving credit facility described above will in each case be secured, through a combination of direct and indirect stock pledges and asset liens, by CalGen""s power generating facilities and related assets, and the lenders"" recourse will be limited to such security. None of the indebtedness will be guaranteed by Calpine Corporation.
The secured institutional term loans will be placed in the institutional term loan market. The secured notes will be offered in a private placement under Rule 144A, have not been registered under the Securities Act of 1933, and may not be offered in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy. Securities laws applicable to private placements under Rule 144A limit the extent of information that can be provided at this time.