Calpine DIP Trades Strong On Break

The $5 billion debtor-in-possession credit for Calpine broke for trading last Wednesday afternoon around par 1/4-1/2, according to a trader.

  • 06 Apr 2007
Email a colleague
Request a PDF

The $5 billion debtor-in-possession credit for Calpine broke for trading last Wednesday afternoon around par 1/4-1/2, according to a trader. The debt traded a little stronger up to par 3/8-5/8 and ended the day around par 3/8-1/2, he said. The DIP refinances the bankrupt energy company's previous $2 billion DIP, entered into last year (CIN, 1/23/2006). Credit Suisse, Goldman Sachs, Deutsche Bank and JPMorgan lead the new two-year DIP which comprises a $1 billion revolver and a $4 billion term loan. Both tranches are priced at LIBOR plus 2 1/4%.

Deutsche Bank and Credit Suisse led the previous facility, which included a $1 billion revolver, a $350 million "B" term loan and a $650 million second-lien term loan (1/23/2006). The revolver and term loan were priced at LIBOR plus 2 1/4% and the second-lien was priced at LIBOR plus 4 1/2%. The company filed for bankruptcy in December 2005. Calls to a company spokesman were not returned.

  • 06 Apr 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%