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 Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%