Calpine buys back $181.6 million notes, High Tides for cash, stock

New York, Aug. 5 - Calpine Corp. said it bought back $181.6 million principal amount of notes and convertibles in the High Tides structure during the second quarter.

The San Jose, Calif., power company paid a total of $56.2 million in cash and 24.3 million shares of common stock valued at $112.5 million for the securities.

The repurchases were made up of:

* $38.95 million of 8¼% senior notes due 2005;

* $11 million of 7¾% senior notes due 2009;

* $9 million of 8½% senior notes due 2011;

* $7.65 million of 10½% senior notes due 2006;

* $75 million of 5½% High Tides II; and

* $40 million of 5¾% High Tides I.

All were repurchased in transactions "initiated" in the second quarter.

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