Research Update: Calpine Construction Finance's Planned $1.055 Billion Term Loan Rated 'BB' (Recovery Rating: '1') - S&P Global Ratings’ Credit Research

Research Update: Calpine Construction Finance's Planned $1.055 Billion Term Loan Rated 'BB' (Recovery Rating: '1')

Research Update: Calpine Construction Finance's Planned $1.055 Billion Term Loan Rated 'BB' (Recovery Rating: '1') - S&P Global Ratings’ Credit Research
Research Update: Calpine Construction Finance's Planned $1.055 Billion Term Loan Rated 'BB' (Recovery Rating: '1')
Published Apr 26, 2013
Published Apr 26, 2013
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S. independent power producer Calpine Corp.'s subsidiary Calpine Construction Finance Co. L.P. (CCFC) plans to raise $1.055 billion in senior secured term loan B debt due 2020. Calpine will use proceeds to retire the existing $978 million in senior secured debt related to CCFC due in 2016, lowering interest expense and moving a 2016 maturity to 2020. We assigned our 'BB' issue rating and '1' recovery rating to the proposed CCFC debt issuance. The rating reflects the corporate credit rating of Calpine adjusted for recovery prospects. The stable outlook for CCFS's debt reflects that of Calpine. The CCFC debt issuance has no effect on Calpine's corporate credit or debt ratings. On April 26, 2013, Standard&Poor's Ratings Services assigned

  
Report Type:

Research Update

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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Summary: Calpine Corp. – 2013/10/01 – US$ 225.00

Summary: Calpine Corp. – 2014/05/13 – US$ 225.00

Calpine Corp. – 2014/06/23 – US$ 500.00

Summary: Calpine Corp. – 2014/06/23 – US$ 225.00

Calpine Corp. – 2012/11/27 – US$ 500.00

Summary: Calpine Corp. – 2012/11/27 – US$ 225.00

Summary: Calpine Corp. – 2012/05/24 – US$ 225.00

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

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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. "Research Update: Calpine Construction Finance's Planned $1.055 Billion Term Loan Rated 'BB' (Recovery Rating: '1')" Apr 26, 2013. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Calpine-Construction-Finance-s-Planned-1-055-Billion-Term-Loan-Rated-BB-Recovery-Rating-1-1122748>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Calpine Construction Finance's Planned $1.055 Billion Term Loan Rated 'BB' (Recovery Rating: '1') Apr 26, 2013. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Calpine-Construction-Finance-s-Planned-1-055-Billion-Term-Loan-Rated-BB-Recovery-Rating-1-1122748>
  
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