Calpine Corporation today announced that it intends to offer $500,000,000 in aggregate principal amount of its Senior Notes due 2029 and $500,000,000 in aggregate principal amount of its Senior Notes due 2031 in a private placement.

Calpine Corporation intends to use the proceeds from this offering, together with cash on hand, to (i) purchase pursuant to tender offers and a consent solicitation any and all of its outstanding 5.500% Senior Notes due 2024 and an aggregate principal amount of its outstanding 5.750% Senior Notes due 2025 that may be purchased for a maximum purchase price of approximately $741 million and (ii) pay premiums, fees and expenses relating to the tender offers and consent solicitation. Calpine will use any net proceeds from the offering in excess of that used to complete the tender offers and consent solicitation for general corporate purposes, which may include repayment of existing debt.

See this news release for more details: Calpine Corporation Announces Senior Notes Offerings

Additionally, Calpine Corporation announced that it has commenced cash tender offers to purchase (i) any and all of its outstanding 5.500% Senior Notes due 2024 (CUSIP No.131347 CJ3) (the “2024 Notes”) and (ii) up to $741,000,000 in maximum payment amount of its 5.750% Senior Notes due 2025 (CUSIP No.131347 CF1) (the “2025 Notes” and, together with the 2024 Notes, the “Notes”) from holders of each series of Notes (the “Offers”) and solicitation of consents from holders of the 2024 Notes (the “2024 Consent Solicitation”) to effect certain proposed amendments to the indenture governing the 2024 Notes (the “2024 Indenture”). These amendments would (i) eliminate certain of the restrictive covenants and related provisions contained in the 2024 Indenture and (ii) shorten the notice period requirement for optional redemptions. The terms and conditions of the Offers and 2024 Consent Solicitation are described in an Offer to Purchase, dated July 27, 2020 (the “Offer to Purchase”).

See more details on the cash tender offers, including pricing terms, in this news release: Calpine Corporation Announces Cash Tender Offers for its 5.500% Senior Notes due 2024 and 5.750% Senior Notes due 2025 and Consent Solicitation to Amend the 2024 Senior Notes Indenture

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