Calpine Corp.'s Proposed $750 Million Senior Secured Notes Due 2028 Rated 'BB' (Recovery Rating: '1') - S&P Global Ratings’ Credit Research

Calpine Corp.'s Proposed $750 Million Senior Secured Notes Due 2028 Rated 'BB' (Recovery Rating: '1')

Calpine Corp.'s Proposed $750 Million Senior Secured Notes Due 2028 Rated 'BB' (Recovery Rating: '1') - S&P Global Ratings’ Credit Research
Calpine Corp.'s Proposed $750 Million Senior Secured Notes Due 2028 Rated 'BB' (Recovery Rating: '1')
Published Dec 10, 2019
3 pages (1332 words) — Published Dec 10, 2019
Price US$ 150.00  |  Buy this Report Now

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Abstract:

NEW YORK (S&P Global Ratings) Dec. 10, 2019--S&P Global Ratings today assigned its 'BB' issue-level rating and '1' recovery rating to Calpine Corp.'s proposed $750 million senior secured notes due 2028. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. The company intends to use the net proceeds from these notes to refinance its existing $750 million 6.0% secured notes due 2022. Calpine also plans to reprice $950 million of its term loan B9 due 2026. We estimate that the company will have about $10.8 billion of debt on its balance sheet as of Dec. 31, 2019. Calpine is a publicly traded and diversified independent power producer that

  
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...

  
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 $750 Million Senior Secured Notes Due 2028 Rated 'BB' (Recovery Rating: '1')" Dec 10, 2019. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-Proposed-750-Million-Senior-Secured-Notes-Due-2028-Rated-BB-Recovery-Rating-1-2355905>
  
APA:
S&P Global Ratings’ Credit Research. (). Calpine Corp.'s Proposed $750 Million Senior Secured Notes Due 2028 Rated 'BB' (Recovery Rating: '1') Dec 10, 2019. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Calpine-Corp-s-Proposed-750-Million-Senior-Secured-Notes-Due-2028-Rated-BB-Recovery-Rating-1-2355905>
  
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