Calpine Corp.'s $1.0 Billion Senior Secured Notes Rated 'BB+' - S&P Global Ratings’ Credit Research

Calpine Corp.'s $1.0 Billion Senior Secured Notes Rated 'BB+'

Calpine Corp.'s $1.0 Billion Senior Secured Notes Rated 'BB+' - S&P Global Ratings’ Credit Research
Calpine Corp.'s $1.0 Billion Senior Secured Notes Rated 'BB+'
Published Dec 02, 2020
3 pages (1312 words) — Published Dec 02, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Dec. 2, 2020--S&P Global Ratings today assigned its 'BB+' issue-level rating and '1' recovery rating to Calpine Corp.'s proposed $1.0 billion senior secured notes due 2031. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. Earlier this week we had also assigned our 'BB+' issue-level rating and '1' recovery rating to Calpine's $750 million Term Loan B due 2027. The company intends to use the net proceeds from the two offerings to repay a portion of its $1.5 billion term loan B5 due January 2024 and to partially tender for its 5.26% 2026 senior secured notes. Our 'BB-' issuer credit rating on Calpine

  
Brief Excerpt:

...- General Criteria: Group Rating Methodology, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - Criteria | Corporates | Industrials: Key Credit Factors For The Unregulated Power And Gas Industry, March 28, 2014 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - General Criteria: Methodology: Industry Risk, Nov. 19, 2013...

  
Report Type:

Ratings Action

Ticker
CPN
Issuer
Calpine Corp.
GICS
Independent Power Producers & Energy Traders (55105010)
Sector
Global Issuers , Structured Finance
Country
United States
Region
United States
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Calpine Corp.'s $1.0 Billion Senior Secured Notes Rated 'BB+'" Dec 02, 2020. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-1-0-Billion-Senior-Secured-Notes-Rated-BB-2564010>
  
APA:
S&P Global Ratings’ Credit Research. (). Calpine Corp.'s $1.0 Billion Senior Secured Notes Rated 'BB+' Dec 02, 2020. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-1-0-Billion-Senior-Secured-Notes-Rated-BB-2564010>
  
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