5.8.2003: Meldung: Calpine announces secured notes offered by subsidiary

Calpine Corporation , a leading North American power company, today announced that its wholly owned subsidiary Calpine Construction Finance Company, L.P. (CCFC I) intends to commence an offering of up to $750 million of term loans and secured notes. The offering will include approximately $300 million of First Priority Secured Institutional Term Loans Due 2009 and approximately $450 million of Second Priority Secured Floating Rate Notes Due 2011. The final principal amounts will be determined by market conditions. The noteholders"" recourse will be limited to CCFC I""s seven natural gas-fired electric generating facilities located in various power markets in the United States.

The company intends to use the net proceeds from the offering to refinance a portion of CCFC I""s existing indebtedness, which matures in November 2003. The remaining balance of CCFC I will be repaid from cash on hand. Current outstanding indebtedness, including letters of credit under the CCFC I credit facility, is approximately $910 million.

The First Priority Secured Institutional Term Loans Due 2009 will be placed in the institutional term loan market. The Second Priority Secured Floating Rate Notes Due 2011 will be offered in a private placement under Rule 144A, have not been and will not be 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 Corporation
Corporate Headquarters
50 West San Fernando Street
San Jose, CA 95113
Phone: 408.995.5115
Fax: 408.995.0505
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