Metcalf Energy to sell $155 million 5.5-year preferred shares

By Paul A. Harris

St. Louis, May 10 - Metcalf Energy Center, LLC, an indirect subsidiary of Calpine Corp., intends to sell $155 million of 5.5-year redeemable preferred shares, the company said in a news release Tuesday.

The company will concurrently obtain a $100 million senior term loan.

Proceeds will be used, as permitted by Calpine's existing bond indentures, to complete construction of the Metcalf power plant.

No bookrunning names or timing for the Regulations D/Regulation S preferred share offering were disclosed in the news release, and the company did not return a Tuesday telephone call from Prospect News.

Metcalf Energy Center, LLC, owns Calpine's 602-megawatt Metcalf Energy Center in San Jose, Calif.

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