Calpine Corp.'s $650 Million Convertible Notes Rated 'CCC'; Outlook Negative - S&P Global Ratings’ Credit Research

Calpine Corp.'s $650 Million Convertible Notes Rated 'CCC'; Outlook Negative

Calpine Corp.'s $650 Million Convertible Notes Rated 'CCC'; Outlook Negative - S&P Global Ratings’ Credit Research
Calpine Corp.'s $650 Million Convertible Notes Rated 'CCC'; Outlook Negative
Published Jun 21, 2005
473 words — Published Jun 21, 2005
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About This Report

  
Abstract:

NEW YORK (Standard&Poor's) June 21, 2005--Standard&Poor's Ratings Services said today that it assigned its 'CCC' rating to Calpine Corp.'s (B-/Negative/--) planned $650 million contingent convertible notes due 2015. Proceeds from the issue will be used to redeem in full its High Tides III preferred securities. The company will use the remaining net proceeds to repurchase a portion of the outstanding principal amount of its 8.5% senior unsecured notes due 2011. The outlook is negative. The San Jose, Calif.-based company, which develops, acquires, owns, and operates power generation facilities, has about $18 billion of total debt outstanding. "The ratings on Calpine reflect the company's reliance on asset sales and contract monetizations to meet its interest payments and

  
Brief Excerpt:

RESEARCH Calpine Corp.'s $650 Million Convertible Notes Rated '###'; Outlook Negative Publication date: 21-Jun-2005 NEW YORK (Standard & Poor's) June 21, 2005--Standard & Poor's Ratings Services said today that it assigned its '###'...

  
Report Type:

Ratings Action

Ticker
CPN
Issuer
Calpine Corp.
GICS
Independent Power Producers & Energy Traders (55105010)
Sector
Asset-Backed Securities , Electric , Global Issuers , Structured Finance , Utilities
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Calpine Corp.'s $650 Million Convertible Notes Rated 'CCC'; Outlook Negative" Jun 21, 2005. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-650-Million-Convertible-Notes-Rated-CCC-Outlook-Negative-447002>
  
APA:
S&P Global Ratings’ Credit Research. (). Calpine Corp.'s $650 Million Convertible Notes Rated 'CCC'; Outlook Negative Jun 21, 2005. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-650-Million-Convertible-Notes-Rated-CCC-Outlook-Negative-447002>
  
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