Calpine to redeem portions of existing notes with new note proceeds

By Marisa Wong

Madison, Wis., Oct. 29 - Calpine Corp. said it plans to redeem 10% of the original principal amount of each series of its existing notes using proceeds from an offering of new senior secured notes and cash on hand.

Calpine's 7¼% senior secured notes due 2017 are excluded from the redemption, according to a press release.

The company announced on Tuesday that it plans to issue $490 million of senior secured notes due 2024.

The power producer is based in Houston.

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