Calpine Generating (CalGen) has traded actively over the past month as investors renew interest. CalGen's $600 million first-lien and $100 million second-lien loans traded in the 101 3/4-102 1/2 and 98-99, range, respectively. "People were bitter on [Calpine Corp. and CalGen] in the past because they brought such large deals into the market," a trader said. The new deals would devalue the term paper, therefore, "people were pretty bearish over Calpine." CalGen's first lien is priced at LIBOR plus 3 3/4%, while the second lien is priced at LIBOR plus 5 3/4%.
Also active was Mirant Corp.'s '03 and '04 revolvers, which traded in the 69-70 range. Mirant's '05 revolver, meanwhile, traded at 71-73. Mirant Americas Generation also traded, but held at 98-99 where it was trading three weeks ago (LMW, 11/22).