By Houston Business Journal

Calpine Corp. said Monday it will offer $1.2 billion in senior secured notes through a private placement.

Houston-based Calpine (NYSE: CPN) said in a statement that the notes will be guaranteed by the wholesale power generation companyâ¿¿s subsidiaries that are already guarantors under a revolving credit facility. The issued notes are due in 2023.

Net proceeds will be used to repay the remaining $1.2 billion of term loan borrowings under its existing credit facility.

Copyright 2011 American City Business Journals

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