Calpine extends maturity of $1 billion revolver to 2018, cuts pricing

By Marisa Wong

Madison, Wis., July 1 - Calpine Corp. amended its $1 billion senior secured revolving credit facility dated Dec. 10, 2010 to reduce the interest rate and extend the maturity date, according to an 8-K filed Monday with the Securities and Exchange Commission.

Calpine entered into the amendment on June 27 with Goldman Sachs Bank USA as administrative agent and Goldman Sachs Credit Partners LP as collateral agent.

The company lowered the applicable margin on Libor loans to a range of 200 basis points to 225 bps, depending on the consolidated leverage ratio. The current margin is 225 bps, down from 325 bps.

In addition, the fee on the undrawn commitment was reduced to a range of 25 bps to 50 bps, also based on the consolidated leverage ratio. The commitment fee is currently 50 bps, lowered from 75 bps.

The revolving facility is now due June 27, 2018, extended from Dec. 10, 2015.

Calpine is a Houston-based power producer.

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