By Sara Rosenberg
New York, Feb. 1 - Calpine Corp. wholly owned subsidiary Calpine European Funding Ltd. closed on its $260 million 180-day junior redeemable preferred shares for its Saltend Energy Centre, with the deal offered to investors at 99 and pricing at Libor plus 850 basis points, according to a company news release.
The offering was launched to loan investors on Jan. 20, with the deal basically being sold to hedge funds through a private placement.
Credit Suisse First Boston was the lead bank on the deal.
Proceeds from the security offering are being used for general corporate purposes by Calpine Corp. and for additional liquidity.
Calpine is a San Jose, Calif., power company.
| Issuer: | Calpine European Funding Ltd.
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| Issue: | Junior redeemable preferred shares
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| Amount: | $260 million
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| Maturity: | July 30, 2005
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| Dividend: | Libor plus 850 basis points
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| Offer price: | 99
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| Lead bank: | Credit Suisse First Boston
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| Pricing date: | Jan. 20
|
| Settlement date: | Feb. 1
|
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