Calpine Construction Finance says no loans repaid from asset sale, full amount available to buy notes

New York, Nov. 1 - Calpine Corp.'s Calpine Construction Finance Co., LP subsidiary said that none of the lenders under its first priority senior secured institutional term loans due 2009 chose to have their loans repaid under the offer to purchase begun by Calpine Construction Finance on Oct. 6.

The repurchase offer was required Calpine's sale of its Ontelaunee facility.

With none repaid under the buyback, $377.3 million of the loans remain outstanding.

Because no lenders asked for their loans to be repaid, the full proceeds of the asset sale are available to buy back Calpine's second priority senior secured floating-rate notes due 2011.

The offer to buy back the notes ends on Nov. 4.

Information on the offer is available from the depositary, Wilmington Trust Co. (Attn: Alisha Clendaniel, 302 636-6470).

Calpine is a San Jose, Calif., power company.

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