Monday, power company Calpine Corp. (CPN) said it intends to offer in a private placement Senior Secured Notes due 2021 in an aggregate principal amount to be determined.
Calpine noted that the notes would be guaranteed by each of its current and future subsidiaries that is a guarantor under the company's existing credit facility.
The company said it plans to use the net proceeds from the offering to repay a portion of the term loan borrowings under its existing credit facility.
CPN closed Friday's regular trade at $12.39.
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