Calpine Loan Returns With Security

  • 17 Mar 2002
Email a colleague
Request a PDF

Fallen-angel Calpine is returning to the bank market in late March with its reworked and now secured $1.6 billion bank deal. The loan facilities, which comprise a $600 million institutional tranche and a $1 billion revolver, will be syndicated in late March, said a banker. Credit Suisse First Boston, Salomon Smith Barney and Deutsche Bank are the lead arrangers on the "B" tranche, while the lead arrangers on the revolver are Bank of Nova Scotia, Bayerische Landesbank, Bank of America, CSFB and TD Securities. Katherine Potter, Calpine Spokeswoman did not return calls.

This development comes after a $1 billion unsecured loan facility that Calpine said it had arranged at the beginning of the year was nixed. Security was added comprising gas properties, the Saltend power plant in the U.K. and equity investments in nine U.S. power plants. The "B" tranche has been crafted to widen the universe of players able to lend to the company, said a banker. There is a 30-day delay in the release of the funds on the fully underwritten "B" loan to allow the banks time to sell the paper.

Pricing on the 14-month revolver is LIBOR plus 2% with a 1/2% commitment fee, while the two-year "B" carries an out-of-the-box spread of LIBOR plus 2 3/4 %. The revolver will be used for letters of credit, making investments and capital expenditure, said a banker. Officials at the lead banks either did not return calls or declined comment.

  • 17 Mar 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,505.59 4 23.31%
2 SG Corporate & Investment Banking 1,292.64 1 20.01%
2 Rabobank 1,292.64 1 20.01%
4 BNP Paribas 598.25 2 9.26%
5 TD Securities Inc 241.54 1 3.74%