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Calpine Corp.'s $360 Million Senior Secured Loan Facility Assigned 'B+' Rating

Published Jun 07, 2011

1083 words — Published Jun 07, 2011

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Abstract:

SAN FRANCISCO (Standard&Poor's) June 7, 2011--Standard&Poor's Ratings Services said today that it assigned its 'B+' rating to Calpine Corp.'s proposed $360 million senior secured term loan credit facility due 2018. The loan was assigned a recovery rating of '2', indicating our expectation for substantial (70% to 90%) recovery of principal in the event of a payment default. At this recovery level, issue ratings are one notch above an issuer's corporate credit rating. The proceeds will be used to refinance project finance debt at Deer Park Energy Center LLC and Metcalf Energy Center LLC. Debt at these subsidiaries is currently not rated but is consolidated into Calpine's finances as part of Calpine's 'B' corporate credit rating. Deer

Brief Excerpt:

RESEARCH Calpine Corp.'s $360 Million Senior Secured Loan Facility Assigned 'B+' Rating Publication date: 07-Jun-2011 Primary Credit Analyst: Swami Venkataraman, CFA, San Francisco (1) 415-371-5071; swami_venkataraman@standardandpoors.com...

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:

HTML

Bulletin: Calpine Corp.'s Share Repurchase Program Does Not Affect Credit Ratings – 2011/08/24 – Free

Calpine Corp.'s Corporate Credit Rating Raised To 'B+' And Secured Debt Raised To 'BB-' – 2011/09/30 – US$ 150.00

Research Update: Calpine Corp.'s Corporate Credit Rating Raised To ?B+?; Outlook Stable – 2011/09/30 – US$ 225.00

Calpine Corp. – 2011/11/17 – US$ 500.00

Summary: Calpine Corp. – 2011/11/17 – US$ 225.00

Research Update: Calpine Corp.'s $360 Million Senior Secured Facility Assigned 'B+' Rating – 2011/06/07 – US$ 225.00

Calpine Corp.'s Proposed $1.3 Billion Senior Secured Term Loan Facility Assigned 'B+' Rating (Recovery Rating: '2') – 2011/03/01 – US$ 150.00

Calpine Corp.'s Proposed $1.2 Billion Notes Rated At 'B+' – 2011/01/10 – US$ 150.00

Calpine's $1 Bil Senior Secured Revolving Credit Facility Assigned A 'B+' Rating – 2010/12/10 – US$ 150.00

Research Update: Calpine Corp.'s Revolving Fund Rating Assigned A 'B+' Rating – 2010/12/10 – US$ 225.00

More from S&P Global Ratings’ Credit Research

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 $360 Million Senior Secured Loan Facility Assigned 'B+' Rating" Jun 07, 2011. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-360-Million-Senior-Secured-Loan-Facility-Assigned-B-Rating-871114>

APA:	S&P Global Ratings’ Credit Research. (). Calpine Corp.'s $360 Million Senior Secured Loan Facility Assigned 'B+' Rating Jun 07, 2011. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-360-Million-Senior-Secured-Loan-Facility-Assigned-B-Rating-871114>

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