Calpine launches $936 million term loan B-9 at Libor plus 200 bps

By Sara Rosenberg

New York, Jan. 20 – Calpine Corp. launched on Wednesday without a lender call a $936 million senior secured term loan B-9 (Ba2/BB+) due April 2026 that is talked at Libor plus 200 basis points 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 B-9 due April 2026 down from Libor plus 225 bps with a 0% Libor floor.

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

Calpine is a Houston-based provider of power generation services.

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