Moody’s applies Ba3 to Calpine loan

Moody's Investors Service said it assigned a Ba3 rating to Calpine Corp.’s proposed $1.65 billion term loan B due 2022.

Concurrently, the agency affirmed Calpine's B1 corporate family rating, B1-PD probability of default rating, the Ba3 rating on the senior secured revolver, term loans and senior secured notes and the B3 rating on the senior unsecured notes.

The outlook is positive.

Proceeds from the new debt issuance will be used to refinance the company’s first-lien term loans due 2018 and 2019.

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