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Metcalf Energy Center to get $100 million term loan at Libor plus 300 bps
By Paul A. Harris
St. Louis, June 14 - Metcalf Energy Center, LLC, an indirect subsidiary of Calpine Corp., plans to obtain a $100 million five-year senior term loan at Libor plus 300 basis points, according to a company news release Tuesday.
Credit Suisse First Boston is leading the deal, according to a market source.
Proceeds will be used to refinance all outstanding debt under the company's existing construction credit facility.
At the same time, Metcalf Energy Center announced that it priced a $155 million issue of 5.5-year redeemable preferred shares, also via Credit Suisse First Boston, according the market source.
The shares will pay a dividend of Libor plus 900 bps.
The company is based in San Jose, Calif.
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