Calpine finalizes $947.6 million term loan B-9 at Libor plus 225 bps

By Sara Rosenberg

New York, Dec. 12 – Calpine Corp. firmed pricing on its $947,625,000 first-lien term loan B-9 (Ba2/BB) due April 1, 2026 at Libor plus 225 basis points, the low end of the Libor plus 225 bps to 250 bps talk, according to a market source.

The term loan B-9 still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Commitments were scheduled to be due at noon ET on Thursday.

Proceeds will be used to reprice an existing term loan B-9 down from Libor plus 275 bps.

Calpine is a Houston-based provider of power generation services.

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