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Calpine launches $360 million term loan B-2 via Morgan Stanley
By Sara Rosenberg
New York, June 7 - Calpine Corp. held a lender call at 11 a.m. ET on Tuesday to launch a $360 million first-lien senior secured term loan B-2, according to market sources.
Morgan Stanley & Co. Inc. is the lead bank on the deal.
Terms of the B-2 tranche will mirror the existing $1.3 billion covenant-light term loan B-1 that was obtained in March at pricing of Libor plus 325 basis points with a 1.25% Libor floor, and has 101 soft call protection for one year.
The original issue discount on the term loan B-2 is still to be determined, sources said, with the expectation that guidance will be announced in the next day or two.
Proceeds will be used to refinance existing debt.
Commitments toward the term loan B-2 are due at 5 p.m. ET on Thursday.
Calpine is a Houston-based power company.
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