Calpine Deal Reworked

The debtor-in-possession for the bankrupt power-plant owner Calpine Corp. was reworked last week with $50 million shifted from the second lien to the first lien, and the spread on the second lien cut by 50 basis points.

  • 10 Feb 2006
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The debtor-in-possession for the bankrupt power-plant owner Calpine Corp. was reworked last week with $50 million shifted from the second lien to the first lien, and the spread on the second lien cut by 50 basis points. A banker said both tranches were oversubscribed so the more expensive second lien was downsized so the company would pay less interest. The reconfigured deal now consists of a $1 billion revolver priced at LIBOR plus 2 1/4%; a $400 million term loan "B" priced at LIBOR plus 2 1/4% and a $600 million second lien priced at LIBOR plus 4%. Deutsche Bank and Credit Suisse are leading the financing.

Calls to Deutsche Bank and Credit Suisse were not returned. A spokesman at Calpine declined comment.

  • 10 Feb 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,628 18 11.81
2 Citi 4,288 14 10.95
3 Rabobank 2,633 4 6.72
4 Goldman Sachs 2,615 4 6.67
5 Barclays 2,603 8 6.64

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%