NEW YORK (Standard&Poor's) March 11, 2004--Standard&Poor's Ratings Services said today that it views Calpine Corp.'s (B/Negative/--) cash tender for its 4% convertible senior notes due Dec. 26, 2006 as mildly credit positive as it alleviates a significant refinancing risk. However, the tender offer falls within Standard&Poor's expectations, and the rating and outlook on the company remain unchanged. Calpine announced that it tendered just under $410 million for the notes, pursuant to its cash tender offer. Each holder who tendered notes will receive approximately $1,008.22 for each $1,000 principal amount of tendered notes, representing 100% of the principal amount plus accrued but unpaid interest. Calpine will pay an aggregate of about $413 million for the
