- Refinance the currently callable portion of each of its outstanding corporate-level Senior Secured Notes, including approximately $590 million of principal, as well as accrued interest, fees and call premiums, and
- Retire its project-level BRSP term loan facility, which includes the repayment of approximately $218 million of principal as well as accrued interest and fees.
Calpine Corporation (NYSE: CPN) announced today that it has closed on an $835 million first lien senior secured term loan (“Term Loan”). The Term Loan, which amortizes at a rate of 1% per year, bears interest at LIBOR plus 3.25% per annum (subject to a LIBOR floor of 1.25%) and matures in 2019. Calpine intends to utilize the proceeds of the Term Loan, along with cash on hand, to: