Calpine Loan Returns With Security

  • 17 Mar 2002
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Fallen-angel Calpine is returning to the bank market in late March with its reworked and now secured $1.6 billion bank deal. The loan facilities, which comprise a $600 million institutional tranche and a $1 billion revolver, will be syndicated in late March, said a banker. Credit Suisse First Boston, Salomon Smith Barney and Deutsche Bank are the lead arrangers on the "B" tranche, while the lead arrangers on the revolver are Bank of Nova Scotia, Bayerische Landesbank, Bank of America, CSFB and TD Securities. Katherine Potter, Calpine Spokeswoman did not return calls.

This development comes after a $1 billion unsecured loan facility that Calpine said it had arranged at the beginning of the year was nixed. Security was added comprising gas properties, the Saltend power plant in the U.K. and equity investments in nine U.S. power plants. The "B" tranche has been crafted to widen the universe of players able to lend to the company, said a banker. There is a 30-day delay in the release of the funds on the fully underwritten "B" loan to allow the banks time to sell the paper.

Pricing on the 14-month revolver is LIBOR plus 2% with a 1/2% commitment fee, while the two-year "B" carries an out-of-the-box spread of LIBOR plus 2 3/4 %. The revolver will be used for letters of credit, making investments and capital expenditure, said a banker. Officials at the lead banks either did not return calls or declined comment.

  • 17 Mar 2002

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,029 20 10.95
2 Bank of America Merrill Lynch (BAML) 6,703 19 10.45
3 JP Morgan 4,776 10 7.44
4 Credit Suisse 4,718 9 7.35
5 Deutsche Bank 4,262 13 6.64

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Oct 2016
1 Wells Fargo Securities 67,591.81 167 11.54%
2 Bank of America Merrill Lynch 57,568.62 162 9.83%
3 JPMorgan 55,390.36 159 9.46%
4 Citi 55,051.46 160 9.40%
5 Credit Suisse 43,756.73 120 7.47%