Calpine Corp. held a lender call this morning for a $550 million term loan B to refinance a chunk of its senior secured debt.
Credit Suisse is left lead on the deal, which has a tenor of seven years.
Price talk is 250 basis points over Libor with a 0% index floor and an original issue discount of 99.
Commitments are due by Aug. 1 at 5pm EDT.
Calpine will use the proceeds to repay a term loan B-7 it issued in May 2016, which is due to mature in 2023 (PFR, 5/26/16).
The independent power producer's senior secured debt is rated Ba2/BB/BB+ by Moody's Investors Service, S&P Global Ratings and Fitch Ratings. The company also has a layer of unsecured corporate debt, rated B2/B/BB-.