HOUSTON--(BUSINESS WIRE)--Calpine Corporation today announced the closing of $900,000,000 in aggregate principal amount of its 3.750% Senior Secured Notes due 2031 in a private placement.

The net proceeds from this offering, together with cash on hand, were used to (i) repay approximately $515 million of borrowings outstanding under Calpine Corporation’s first lien term loan facility maturing in 2024 (the “2024 First Lien Term Loan”), (ii) purchase $335 million in aggregate principal amount of its outstanding 5.250% Senior Secured Notes due 2026 (the “2026 Notes”) pursuant to a tender offer of the 2026 Notes and (iii) pay premiums, fees and expenses relating to this offering, the repayment of the 2024 First Lien Term Loan and the tender offer to purchase the 2026 Notes. Any net proceeds from the offering in excess of that used for the purposes described above will be used for general corporate purposes.

The notes will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States without registration under the Securities Act or pursuant to an applicable exemption from such registration.

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any security and nor shall there be any offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. This announcement does not constitute an offer to purchase, the solicitation of an offer to sell, or a notice to redeem any of the 2026 Notes.

About Calpine

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Our fleet of 76 power plants in operation, including one under construction, represents nearly 26,000 megawatts of generation capacity. Through wholesale power operations and our retail businesses, Calpine Energy Solutions and Champion Energy, we serve customers in 23 states in the United States and in Canada and Mexico. Our clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. We are uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid.