Moody’s rates Calpine loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to Calpine Corp.’s proposed $550 million term loan B due 2022.

Concurrently, the agency affirmed Calpine's B1 corporate family rating, B1-PD probability of default rating, the Ba3 rating on its senior secured revolver, term loans and senior secured notes and the B3 rating on its senior unsecured notes.

In addition, Moody's raised the company’s speculative liquidity rating to SGL-1 from SGL-2.

The outlook is positive.

Proceeds from the new debt issuance will be used to prefund the acquisition of the 745 MW Granite Ridge power plant in New Hampshire as well as general corporate purpose.

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