SAN FRANCISCO (Standard&Poor's) July 20, 2010--Standard&Poor's Ratings Services said today that it assigned its 'B+' rating to Calpine Corp.'s proposed $750 million senior secured notes due 2020. Depending on investor appetite, the issue maybe increased by as much as $1.1 billion. "The proceeds will be used to refinance a portion of the term loan that formed part of Calpine's bankruptcy emergence financing," said Standard&Poor's credit analyst Swami Venkataraman. "The term loan has a bullet maturity of $4.4 billion in 2014, and the proposed bond issue will stagger the maturity of its exit financing." We also assigned the notes a recovery rating of '2', indicating our expectation for substantial (70%-90%) recovery of principal in the
