Calpine amends loan, permitting loan buybacks at a discount and the issuance of notes

By Sara Rosenberg

New York, Aug. 26 - Calpine Corp. amended its credit facility, allowing for the buyback of debt at a discount using cash on hand and for the sale of bonds to retire or exchange first-lien term loans, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

In addition, the amendment permits the company to issue first-lien bonds under the accordion provision of the first-lien credit facility, which previously only permitted the issuance of first-lien term loans.

The amendment also provides the company with the option to extend all or a portion of the revolver and term loan maturities on revised terms, subject to acceptance by applicable lenders.

Lastly, the amendment provides for the aggregation of various investment and capital expenditure baskets.

The amendment was effective on Aug. 25.

Goldman Sachs is the administrative agent on the deal.

Calpine is a San Jose, Calif.-based power generation company.

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