Calpine lifts term loan B-10 to $750 million, revises OID to 99.5

By Sara Rosenberg

New York, Aug. 1 – Calpine Corp. upsized its seven-year covenant-lite first-lien term loan B-10 (Ba2/BB) to $750 million from $550 million and tightened the original issue discount to 99.5 from 99, according to a market source.

Pricing on the term loan B-10 remained at Libor plus 250 basis points with a 0% Libor floor.

The term loan B-10 still has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the left lead bookrunner on the deal.

Commitments continued to be due at 5 p.m. ET on Thursday, the source said.

Proceeds will be used to refinance an existing term loan B-7 and, due to the upsizing, to repay project financing.

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

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