Calpine to issue warrants for 50 mln new shrs

LOS ANGELES, Dec 21 (Reuters) - Bankrupt U.S. power company Calpine Corp CPNLQ.PK said on Friday it will issue warrants to buy about 50 million shares of its new common stock to holders of its outstanding common stock.

The company, whose plan of reorganization was approved by a a U.S. bankruptcy court earlier this week, said the amount represents about 10 percent of the common stock to be issued pursuant to that plan. Each warrant will represent the right to buy a single share of Calpine's new stock.

The exercise price per share is expected to be based on a reorganized equity value of $11.942 billion, Calpine said, adding that the price is intended to be "out-of-the-money." (Reporting by Nichola Groom, editing by Richard Chang)