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
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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 Citi 2,007 6 18.96
2 BNP Paribas 1,434 4 13.55
3 Goldman Sachs 1,392 3 13.15
4 Barclays 1,097 2 10.37
5 Morgan Stanley 1,094 2 10.34

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 18,193.54 60 11.52%
2 Wells Fargo Securities 16,128.82 45 10.21%
3 JPMorgan 14,420.48 44 9.13%
4 Bank of America Merrill Lynch 14,370.49 47 9.10%
5 Barclays 10,634.97 35 6.73%