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Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item |
Calpine to redeem High Tides III preferreds, some 8½% unsecured notes
By Jennifer Chiou
New York, June 20 - Calpine Corp. said it plans to redeem in full its High Tides III preferred securities and a portion of its 8½% senior unsecured notes due 2011 with the proceeds from a $650 million offering of convertible notes.
The convertibles due 2015 will pay interest at 7.75% and will be convertible into cash and Calpine common stock at $4.00 per share, a 29% premium over its Friday close of $3.10.
The offering is expected to close Thursday.
San Jose, Calif.-based Calpine is an integrated power company.
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