Calpine is planning to raise $1.2 billion in a sale of senior notes through a private placement. The lead underwriters include Deutsche Bank, Bank of America, Barclays, Citigroup, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, RBC and UBS, adds The Wall Street Journal.
The U.S. power company plans to use proceeds to repay the $1.2 billion outstanding balance of term loan borrowings under its credit facility. The notes carry a coupon rate of 7.875% and are due to mature in 2023.
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