Calpine launches $1.53 billion term loan B-5 at Libor plus 225 bps

By Sara Rosenberg

New York, Dec. 12 – Calpine Corp. launched on Thursday a $1,532,000,000 first-lien term loan B-5 (Ba2/BB) due Jan. 15, 2024 with price talk of Libor plus 225 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan B-5 is talked with 101 soft call protection for six months, the source said.

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

Proceeds will be used to reprice an existing term loan B-5 down from Libor plus 250 bps.

Commitments are due at 5 p.m. ET on Monday, the source added.

Calpine is a Houston-based provider of power generation services.

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