5.2.3004: Meldung: Calpine: Offerings to Refinance Debt
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. 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 3 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 stock pledges and direct asset liens, by CalGen"s power generating facilities and related assets, and the lenders" recourse will be limited to such security. It is anticipated that the holders of the term loans and the revolving credit lenders will share a first-priority security position. The holders of the secured notes will receive a second-priority security position. None of the indebtedness will be guaranteed by Calpine Corporation.
The First Priority Secured Institutional Term Loans will be placed in the institutional term loan market. The Second Priority 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.
Calpine Corp. Headquarters
50 West San Fernando Street
San Jose, CA 95113