Calpine closes on $156 million credit facility for Deer Park Energy Center

New York, Jan. 22 - Calpine Corp. said it completed a $156 million three-year senior secured credit facility for the Deer Park Energy Center.

The loan is priced at Libor plus 350 basis points.

Proceeds will be used to repay existing obligations at Deer Park and for general corporate purposes.

The joint lead arrangers and lenders were WestLB, ING and Union Bank of California.

Deer Park Energy Center is a 1,019-megawatt natural gas-fired, combined-cycle cogeneration power plant located 10 miles east of Houston.

"We are pleased to have completed this refinancing in difficult market conditions, on favorable terms and well in advance of any need to refinance our Deer Park obligations," said Zamir Rauf, Calpine's chief financial officer, in a news release. "This is another important step in our commitment to opportunistically simplify our capital structure."

Calpine is a Houston-based energy company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.