Key Developments: Calpine Corp (CPN.N)

CPN.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Calpine Corp prices senior unsecured notes offering
Wednesday, 9 Jul 2014 08:10am EDT 

Calpine Corp:Priced $1,250,000,000 in aggregate principal amount of its 5.375 pct senior unsecured notes due 2023 and $1,550,000,000 in aggregate principal amount of its 5.750 pct senior unsecured notes due 2025.The offering is expected to close on July 22.Intends to use the net proceeds from this offering, together with cash on hand, to repurchase or redeem some or all of the company's 8pct senior secured notes due 2019.Purchase pursuant to a tender offer and consent solicitation, and/or redeem, the outstanding principal amount of the company's 7.875 pct senior secured notes due 2020 and 7.50 pct senior secured notes due 2021 and.Pay premiums, fees and expenses relating to the purchase and redemption of existing secured notes described above.Any net proceeds from the offering of unsecured notes not used for the purposes described above will be used for general corporate purposes.  Full Article

Calpine Corp announces inaugural senior unsecured notes offering
Tuesday, 8 Jul 2014 09:23am EDT 

Calpine Corp:Intends to offer $2,800,000,000 in aggregate principal amount of Senior Unsecured Notes due 2023 and 2025.Calpine Corporation intends to use net proceeds from this offering, together with cash on hand (if necessary), to repurchase or redeem some or all of company's eight pct Senior Secured Notes due 2019.Also to purchase pursuant to tender offer and consent solicitation, and/or redeem, the outstanding principal amount of the Company's 7.875 pct Senior Secured Notes due 2020 and 7.50% Senior Secured Notes due 2021.Also to pay premiums, fees and expenses relating to the purchase and redemption of existing secured notes described above.Any net proceeds from the offering of unsecured notes not used for the purposes described above will be used for general corporate purposes.  Full Article

Calpine Corp reaffirms FY 2014 EBITDA guidance
Thursday, 1 May 2014 06:00am EDT 

Calpine Corp:Reaffirms FY 2014 adjusted EBITDA guidance in a range of $1.900-$2.000 bln.FY 2014 EBITDA of $1.968 bln - Thomson Reuters I/B/E/S.  Full Article

Calpine Corp agrees to sell six southeast power plants for $1.57 bln
Friday, 18 Apr 2014 11:50am EDT 

Calpine Corp:Agrees to sell six power plants in its Southeast region to LS Power for $1.57 bln in cash.Portfolio of assets comprises 3,498 MW of combined-cycle generation capacity in Oklahoma, Louisiana, Alabama, Florida and South Carolina.  Full Article

Calpine Corp completes purchase of Guadalupe power plant in Texas for $625 mln
Thursday, 27 Feb 2014 08:00am EST 

Calpine Corp:Completed the acquisition of a natural gas-fired, combined-cycle power plant located in Guadalupe County, 30 miles northeast of San Antonio, Texas, in ERCOT's south zo.Purchased the plant, which has a nameplate generating capacity of 1,050 megawatts, from MinnTex Power Holdings, LLC for $625 million plus adjustments, or about $595 per kilowatt.  Full Article

Calpine Corp raises FY 2014 EBITDA guidance
Thursday, 13 Feb 2014 06:00am EST 

Calpine Corp:Raised FY 2014 EBITDA guidance.Expects FY 2014 EBITDA to be in the range of $1.900-2.000 bln compared to prior range of $1,800-$1.900 bln.FY 2014 EBITDA of $1.921 bln - Thomson Reuters I/B/E/S.  Full Article

Calpine Corp to acquire guadalupe power partners generating facility
Monday, 2 Dec 2013 08:00am EST 

Calpine Corp:Agrees to purchase a nominal 1,050 megawatt, combined-cycle power plant for $625 million, or approximately $595 per kilowatt from MinnTex Power Holdings, LLC.Says natural gas-fired plant is located in Guadalupe County, 30 miles northeast of San Antonio, Texas.Says Vinson & Elkins, LLP served as legal counsel to Wayzata on the transaction, and Tudor, Pickering, Holt & Co. served as Wayzata`s exclusive financial advisor.  Full Article

Calpine Corp Announces CEO Change - Form 8-K
Thursday, 7 Nov 2013 05:11pm EST 

Calpine Corp reported in its Form 8-K that on November 7, 2013, Calpine Corporation (Company) announced that Thad Hill, the Company's President and Chief Operating Officer, will succeed Jack Fusco as the Company's Chief Executive Officer (CEO) when, as previously announced, Mr. Fusco assumes the role of Executive Chairman of the Board of Directors following the Company‚Äôs annual meeting of shareholders in May 2014.  Full Article

Calpine Corp Narrows FY 2013 EBITDA Guidance To A Range Above Analysts' Estimates; Issues FY 2014 EBITDA Guidance Below Analysts' Estimates
Thursday, 7 Nov 2013 06:00am EST 

Calpine Corp narrowed its guidance for fiscal 2013 and provided guidance for fiscal 2014. The Company now expects adjusted EBITDA of $1.800-1.825 billion for fiscal 2013 and expects adjusted EBITDA of $1.800-1.900 billion for fiscal 2014. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBITDA of $1.789 billion for fiscal 2013 and EBITDA of $1.914 billion for fiscal 2014.  Full Article

Calpine Corp Announces Senior Secured Notes Offering
Tuesday, 29 Oct 2013 07:40am EDT 

Calpine Corp announced that it intends to offer $490,000,000 in aggregate principal amount of Senior Secured Notes due 2024 in a private placement. The notes will be guaranteed by each of Calpine Corporation`s current and future subsidiaries that is a guarantor under Calpine Corporation`s first lien credit facilities. The notes and related guarantees will be secured equally and ratably with the indebtedness incurred under Calpine Corporation`s first lien credit facilities and other indebtedness that is permitted to be secured by such assets, by a first-priority lien on substantially all of Calpine Corporation`s and certain of the guarantors` existing and future assets, subject to certain exceptions and permitted liens. Calpine Corporation intends to use the proceeds from this offering, together with cash on hand (if necessary), to (i) redeem 10% of the original aggregate principal amount of each series of Calpine Corporation`s existing notes (other than its 7.25% Senior Secured Notes due 2017) and (ii) pay premiums, fees and expenses relating to this offering and the redemption described above.  Full Article

COLUMN-For investors, coal brings lumps

(The author is a Reuters columnist and the opinions expressed are his own. For more from John Wasik see http://link.reuters.com/syk97s)

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