Calpine to redeem second-lien notes, preferreds with proceeds from sale of notes due 2016

By Susanna Moon

Chicago, May 11 - Calpine Corp. said its indirect wholly owned subsidiary, Calpine Construction Finance Co., LP, plans to redeem its outstanding second-lien notes using cash and proceeds from a private placement of notes.

Calpine Construction and CCFC Finance Corp. plan to offer $800 million of senior secured notes due 2016.

With completion of the offering, CCFC Preferred Holdings, LLC, the indirect parent of Calpine Construction, plans to redeem its outstanding redeemable preferred shares.

Calpine is a San Jose, Calif.-based independent wholesale power generation company that owns and operates natural gas-fired and geothermal power plants in North America.

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