Calpine extends early deadline of tender offers for three series

By Wendy Van Sickle

Columbus, Ohio, Nov. 5 – Calpine Corp. extended the early tender date in its cash tender offer for any and all of its outstanding 6% senior secured notes due 2022, its 5 3/8% senior notes due 2023 and its 5 7/8% senior secured notes due 2024.

The early deadline is now 5 p.m. ET on Nov. 12, extended from 5 p.m. ET on Nov. 5, according to a press release issued on Tuesday.

There are $750 million of the 2022 notes, $1,236,000,000 of the 2023 notes and $490 million of the 2024 notes outstanding.

The total consideration offered per $1,000 principal amount of notes is $1,003.00 for the 2022 notes, $1,016.19 for the 2023 notes and $1,022.58 for the 2024 notes.

In each case, the total consideration includes an early tender premium of $30.00 per $1,000 principal amount that will be paid only to holders who tender by the early deadline.

The issuer will also pay accrued interest to but excluding the settlement date.

The offers were announced on Oct. 23 and will expire at 11:59 p.m. ET on Nov. 20.

The offers are not conditioned upon any minimum amount of notes being tendered but are subject to some conditions, including Calpine receiving a distribution from indirect subsidiary Geysers Power Co., LLC from a new term loan facility and secured notes offerings.

Calpine said it may issue a call to redeem one or more series of the notes in full or in part following early settlement of the tender, but it is not required to do so.

Barclays (800 438-3242 or 212 528-7581) is the dealer manager.

D.F. King & Co., Inc. (866 751-6311, 212 269-5550 or calpine@dfking.com) is the tender and information agent.

Calpine, a San Jose, Calif.-based power generator, operates the world's largest complex of geothermal power plants, which are located in the Mayacamas mountains north of San Francisco.

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