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 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

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1 Citi 117,398.62 338 11.04%
2 Bank of America Merrill Lynch 94,721.79 272 8.91%
3 JPMorgan 92,612.23 269 8.71%
4 Wells Fargo Securities 82,597.19 239 7.77%
5 Credit Suisse 69,442.99 183 6.53%