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Thu, January 22, 2009 Calpine Corporation Closes on $156 Million Recapitalization of Deer Park Energy Center
HOUSTON--([ BUSINESS WIRE ])--Calpine Corporation (NYSE:CPN) today announced that it has closed on a three-year $156 million senior secured credit facility for the recapitalization of its Deer Park Energy Center in the Harris County town of Deer Park, Texas.
"We are pleased to have completed this refinancing in difficult market conditions, on favorable terms and well in advance of any need to refinance our Deer Park obligations," said Zamir Rauf, Calpine CFO. "This is another important step in our commitment to opportunistically simplify our capital structure."
Pricing for this facility is LIBOR plus 350 basis points. The funds will be used in part to retire certain pre-existing obligations of Deer Park and for general corporate purposes.
The joint lead arrangers and lenders in this transaction include WestLB, ING and Union Bank of California.
Deer Park Energy Center is a 1,019-megawatt, low-carbon emissions, natural gas-fired, combined-cycle cogeneration power plant located 10 miles east of Houston. The Deer Park power plant has been in commercial operation since 2003, running at generally high capacity factors given the economic efficiency made possible by steam sales to a manufacturing facility on the Houston Ship Channel.
About Calpine
Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering over 24,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 16 states in the United States and Canada. Calpine owns, leases, and operates low-carbon, natural gas-fueled, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit [ www.calpine.com ] for more information.
Forward Looking Information
In addition to historical information, this release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will" and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Please see the risks identified in this release or in Calpine's reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2007, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2008. These filings are available by visiting the Securities and Exchange Commission's web site at [ www.sec.gov ] or Calpine's web site at [ www.calpine.com ]. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Calpine undertakes no obligation to update any such statements.
