Calpine has secured a new $1.3 billion loan, CanadianBusiness reports. The U.S. power company intends to use the proceeds from the new debt to retire a $1.4 billion credit agreement for its subsidiary, New Development Holdings. The Texas-based company will pay around $1.3 billion of term debt and terminate a $100 million revolving credit facility for its unit. Morgan Stanley, Goldman Sachs, Citi, Credit Suisse and Deutsche Bank were named as lead arrangers on the deal.
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