Global law firm White & Case LLP represented Calpine Corporation in obtaining a new $835 million term loan. The first lien senior secured term loan amortizes at a rate of 1 percent per year, bears interest at LIBOR plus 3.25 percent per annum (subject to a LIBOR floor of 1.25 percent) and matures in 2019 and will be used to redeem the currently callable portion of its outstanding corporate-level senior secured notes and retire a project-level term loan facility.
Morgan Stanley, Barclays, Deutsche Bank and Royal Bank of Canada acted as lead arrangers on the transaction.
Advising on the deal were partners Michael Shenberg (M&A), David Bilkis (Banking), Larry Gannon (Asset Finance), Gary Kashar (Capital Markets), counsel Amy Delsack (Banking) and associates Heather Borthwick (Banking), Marten Olsson (Capital Markets), Andrew Weisberg (Capital Markets), Roseanne Kross (Corporate), Meeta Anand (Project Finance), Joseph Petruccelli (Banking) Sunny Kim (Corporate), Jordan Padover (Banking), Kendra Kocovsky (Banking) all of the Firm’s New York office.
Calpine Corporation is the largest independent power producer in the US, with a fleet of 93 power generation plants representing more than 28,000 megawatts of generation capacity. Last year, Calpine plants generated more than 94 million megawatt hours of power for wholesale customers in 20 states throughout the US and Canada.
