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

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2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

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5 Barclays 17,051.25 56 6.21%