BNP Paribas is leading $475 million of loans to back Rosetta Resources' acquisition of Calpine Corp.'s oil and gas properties. A bank meeting was held last Tuesday at the Four Seasons Hotel in Houston to launch syndication of the deal, which includes a $400 million revolver and a $75 million second-lien term loan.
Pricing could not be determined. Rosetta is an independent energy company created to hold Calpine's oil and gas assets in California, the Rockies and southern Texas. A call to Bob Kelly, executive v.p. and cfo, was not returned.