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Calpine lines up extension of some revolving loans, reduction of limit
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – Calpine Corp. agreed to amend its revolving credit facility to extend the maturity of $1.3 billion of class C revolving commitments on Oct. 20, according to an 8-K filing with the Securities and Exchange Commission.
The commitments would mature on the earlier of five years from the effective date of the amendment and Aug. 17, 2023.
Calpine also agreed to reduce the capacity under the revolving credit facility to the $1.3 billion of class C commitments and $170 million of class B commitments from $1.79 billion of class B commitments.
Effectiveness of the amendment is conditioned upon closing of Calpine’s buyout by an Energy Capital Partners III, LLC affiliate, which was announced in August.
MUFG is the administrative agent of the credit agreement.
Citibank, NA, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the co-documentation agents. Morgan Stanley Senior Funding, Inc. is the syndication agent.
Calpine is a Houston-based generator of electricity from natural gas and geothermal resources.
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