Calpine extends, reduces revolving commitment by $20 million

Chicago, Aug. 16 – Calpine Corp. reduced the commitments outstanding on $150 million in revolving commitments by $20 million, according to an 8-K filing with the Securities and Exchange Commission.

The total capacity on the revolving credit facility now stands at $2 billion.

Additionally, the maturity date has been extended to March 8, 2023 from June 27, 2020.

As recently reported, the company entered into a new, upsized seven-year $750 million first-lien term loan B-10 (Ba2/BB).

Proceeds from the new term loan were used to repay in full the approximately $562 million first-lien senior secured term loan from May 31, 2016 and the $200 million outstanding in project debt associated with wholly owned subsidiary Otay Mesa Energy Center, LLC.

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

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