Calpine Corp. (CPN) announced the closing of offering of $1.2 billion in aggregate principal amount of 7.25% Senior Secured Notes due 2017 in a private placement to holders of term loans under its existing credit facility for a like principal amount of term loans outstanding under such credit facility.
The company noted that the notes and related guarantees are secured equally and ratably with the indebtedness incurred under Calpine Corporation's existing credit facility by a first-priority lien on substantially all of Calpine Corporation's and certain of the guarantors' existing and future assets, subject to certain exceptions and permitted liens.
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