Calpine Construction Finance launches $980 million term loan

By Sara Rosenberg

New York, Jan. 16 – Calpine Construction Finance Co. launched on Thursday a $980 million first-lien term loan (Ba2/BB) due Jan. 15, 2025 with price talk of Libor plus 200 basis points to 225 bps with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 250 bps.

Commitments are due at noon ET on Wednesday, the source added.

Calpine Construction, a Calpine Corp. subsidiary, is an owner and operator of about 4.4 GW of power generation capacity.

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