Bulletin: Calpine's Proposed Amendment And Extension Of Its B-9 Term Loan Is Neutral For Leverage

This report does not constitute a rating action. New York (S&P Global Ratings) Jan. 8, 2024--S&P Global Ratings said today that Calpine Corp.'s (Calpine Corp; BB-/Stable/--) announcement that the company will amend and extend its term loan B-9 (TLB) is largely neutral for the company?s credit quality and will not affect its leverage. The company plans to extend the maturity of its $907 million TLB to January 2031 from April 2026 and increase the amount to $925 million. We do not expect any material increase in the company?s total net debt and continue to expect leverage to remain in the 4.5x-4.75x range during our forecast period. Our long-term issuer credit rating and outlook on Calpine are unchanged. The ?BB+' issue-level

...January 8, 2024 This report does not constitute a rating action. New York (S&P Global Ratings) Jan. 8, 2024--S&P Global Ratings said today that Calpine Corp.'s (Calpine Corp; ##-/Stable/--) announcement that the company will amend and extend its term loan B-9 (TLB) is largely neutral for the company's credit quality and will not affect its leverage. The company plans to extend the maturity of its $907 million TLB to January 2031 from April 2026 and increase the amount to $925 million. We do not expect any material increase in the company's total net debt and continue to expect leverage to remain in the 4.5x-4.75x range during our forecast period. Our long-term issuer credit rating and outlook on Calpine are unchanged. The `##+' issue-level rating, with a `1' recovery rating, on Calpine's senior secured notes, including this TLB; and the `B+' issue-level rating, with a `5' recovery rating, on the company's senior unsecured notes, are also unchanged....

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