Calpine Corp.'s term loan was firmer this week as the company came out with its first quarter earnings report and revealed further details in its plans to increase liquidity. The company's term loan "B" was said to be trading in the 97 1/8 - 97 3/4 range, up from the 96 1/2 - 97 1/4 context, where the paper was quoted last week. The company's liquidity position looks better, said one trader. "A company like Calpine is going to be a little bit more sensitive to liquidity," he noted. Recently the company received $105.5 million from a contract monetization and the restructuring of its interest in Acadia Power Partners.
May 14, 2003
