Calpine launches $750 million million term B-5 at Libor plus 250 bps

By Sara Rosenberg

New York, Nov. 30 – Calpine Corp. was scheduled to hold a lender call at 3 p.m. ET on Monday to launch a $750 million senior secured term loan B-5 (Ba2/BB+) due December 2027 that is talked at Libor plus 250 basis points with a 0% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan B-5 has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, MUFG, SMBC, BofA Securities Inc., Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Natixis, Barclays, Goldman Sachs Bank USA, BNP Paribas Securities Corp., Credit Agricole and RBC Capital Markets are the lead arrangers on the deal.

Commitments are due at 3 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance an existing term loan B-5 due January 2024.

Calpine is a Houston-based provider of power generation services.

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