Calpine firms $950 million term loan B-9 at Libor plus 275 bps

By Sara Rosenberg

New York, March 22 – Calpine Corp. finalized pricing on its $950 million seven-year senior secured covenant-lite term loan B-9 at Libor plus 275 basis points, the high end of the Libor plus 250 bps to 275 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Natixis, RBC Capital Markets and SMBC are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to refinance an existing term loan B-8 due December 2019 and an existing term loan B-6 due January 2023.

Calpine is a Houston-based generator of electricity from natural gas and geothermal resources.

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