Calpine sets late-morning investor call for $570 million 8.25-year secured notes drive-by

By Paul A. Harris

Portland, Ore., Oct. 17 - Calpine Corp. plans to participate in an investor conference call at 11:30 a.m. ET Thursday to discuss its proposed $570 million offering of 8.25-year senior secured notes (existing ratings B1/BB-), according to a syndicate source.

The deal is expected to price Thursday.

Citigroup Global Markets Inc., Barclays, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Investment Bank, Mitsubishi UFJ Securities (USA) Inc. and RBS Securities Inc. are the joint bookrunners.

Credit Agricole CIB and ING Financial Markets LLC are the co-managers.

The Rule 144A for life notes become callable in three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Houston-based power producer plans to use the proceeds, along with a senior secured term loan, to repay its 7¼% senior secured notes due 2017.

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