CalGen Sweetens The Pot

Burns, Mairin
March 2004
Investment Dealers' Digest;3/29/2004, Vol. 70 Issue 13, p26
Trade Publication
When the proposed $2.4 billion refinancing for Calpine Generating Co., a subsidiary of Calpine Corp., fell through at the beginning of the year, investment banks champed at the bit to come up with an alternative. But it wasn't easy fashioning something investors would buy. After all, Calpine has some $17 billion debt outstanding, $10 billion of which was issued in the last year. The refinancing was simply adding more debt to that already large mix, which meant that it had to be targeted at an area of the market that wasn't already saturated with Calpine debt, and packaged to accommodate investor concerns about overexposure. INSET: CalGen's New Deal.


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