NEW YORK (Standard&Poor's) Feb. 9, 2004--Standard&Poor's Ratings Services said today that it views Calpine Corp.'s (B/Negative/--) announced tender offer for its 4% convertible senior notes due Dec. 26, 2004 as a credit positive in that it potentially removes a significant refinancing risk in 2004. However, the tender offer falls within Standard&Poor's expectations that the notes would be refinanced; therefore, the rating and outlook remain unchanged. As of Sept. 30, 2003, the company had $1.05 billion convertible senior notes outstanding. The tender will be funded from proceeds from a recently completed private placement of 4.75% contingent convertible notes due 2023. Calpine is offering to purchase the notes at a purchase price of par value plus
