Calpine ceases tender for 9 5/8% notes due 2014

By Jennifer Chiou

New York, Dec. 30 - Calpine Corp. announced it terminated its tender offer for up to $400 million of its $646.105 million of 9 5/8% first-priority senior secured notes due 2014.

The company said conditions of the offer have not been satisfied. No other details were disclosed.

The offer expired at midnight ET on Dec. 29.

The San Jose, Calif., power company had said it would pay par plus accrued interest up to and including the settlement date.

Calpine had intended to use the proceeds of its July sale of some U.S. natural gas assets for the offer, launched on Dec. 2.

Calpine said any tendered securities will be returned.

The Bank of New York had been the tender agent and MacKenzie Partners, Inc. was the information agent (800 322-2885 or call collect 212 929-5500).

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