Harbinger sells 525,750 shares of Calpine, drops stake to 19.7%

By Lisa Kerner

Charlotte, N.C., Sept. 23 - A group of Calpine Corp. shareholders led by Harbinger Capital Partners Master Fund I, Ltd. sold a net 525,750 shares between July 9 and Sept. 16 priced from $10.31 to $12.66 each, according to a schedule 13D/A filed on Wednesday with the Securities and Exchange Commission.

Harbinger beneficially owns 86,980,047 shares, or 19.7%, of the San Jose, Calif., power company.

On Tuesday, Calpine announced Harbinger's public secondary offering of 20 million shares of its common stock.

Calpine said Harbinger plans to grant the underwriter, Morgan Stanley, an option to purchase an additional 3 million shares.

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