Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Calpine Corp. > News item |
Calpine Construction ups add-on loan to $425 million, sets OID at 98¾
By Sara Rosenberg
New York, Feb. 24 - Calpine Construction Finance Co. upsized its add-on term loan B-2 due Jan. 31, 2022 to $425 million from $375 million and firmed the original issue discount at 983/4, the middle of the 98½ to 99 talk, according to a market source.
Pricing on the add-on is Libor plus 250 basis points with a 0.75% Libor floor, in line with the existing term loan B-2.
Bank of America Merrill Lynch, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Union Bank and UBS Securities LLC are the lead banks on the deal.
Proceeds will be used to help fund the acquisition of a nominal 1,050 megawatt, combined-cycle power plant in Guadalupe County for $625 million from MinnTex Power Holdings LLC.
Closing is expected this quarter, subject to customary conditions, antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act and approval by the Public Utility Commission of Texas.
Calpine Construction is a subsidiary of Calpine Corp., a Houston-based power producer.
© 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.