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Calpine launches $1.58 billion term B-5 extension to January 2024
By Sara Rosenberg
New York, Dec. 14 – Calpine Corp. launched on Wednesday an extension of its $1.58 billion first-lien term loan B-5 (Ba2/BB) to January 2024 from May 2022, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Pricing on the extended B-5 loan is talked at Libor plus 275 basis points with a 0.75% Libor floor, unchanged from current pricing, the source said.
The extended loan is offered at par and has 101 soft call protection for six months.
Commitments are due at 5 p.m. ET on Friday, the source added.
Calpine is a Houston-based generator of electricity from natural gas and geothermal resources.
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