Calpine Corp.'s Proposed $1.3 Billion Senior Secured Term Loan Facility Assigned 'B+' Rating (Recovery Rating: '2') - S&P Global Ratings’ Credit Research

Calpine Corp.'s Proposed $1.3 Billion Senior Secured Term Loan Facility Assigned 'B+' Rating (Recovery Rating: '2')

Calpine Corp.'s Proposed $1.3 Billion Senior Secured Term Loan Facility Assigned 'B+' Rating (Recovery Rating: '2') - S&P Global Ratings’ Credit Research
Calpine Corp.'s Proposed $1.3 Billion Senior Secured Term Loan Facility Assigned 'B+' Rating (Recovery Rating: '2')
Published Mar 01, 2011
Published Mar 01, 2011
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

SAN FRANCISCO (Standard&Poor's) March 1, 2011--Standard&Poor's Ratings Services today said it assigned its 'B+' rating to Calpine Corp.'s proposed $1.3 billion senior secured term loan due 2018. We assigned the loan a recovery rating of '2', indicating our expectation for substantial (70%-90%) recovery in the event of a default. At this recovery level, issue ratings are one notch above the corporate credit rating on the company. Calpine will use loan proceeds to refinance the term loan at subsidiary New Development Holdings LLC, which it issued to finance the July 2010 acquisition of 4,490 megawatts (MW) of gas-fired generating capacity from Pepco Holdings Inc. Merchant market conditions are weak, which Calpine's financial risk profile reflects. "However, the

  
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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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Calpine Corp.'s Proposed $1.3 Billion Senior Secured Term Loan Facility Assigned 'B+' Rating (Recovery Rating: '2')" Mar 01, 2011. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-Proposed-1-3-Billion-Senior-Secured-Term-Loan-Facility-Assigned-B-Rating-Recovery-Rating-2-851314>
  
APA:
S&P Global Ratings’ Credit Research. (). Calpine Corp.'s Proposed $1.3 Billion Senior Secured Term Loan Facility Assigned 'B+' Rating (Recovery Rating: '2') Mar 01, 2011. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-Proposed-1-3-Billion-Senior-Secured-Term-Loan-Facility-Assigned-B-Rating-Recovery-Rating-2-851314>
  
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