Wednesday, February 06, 2008 11:10:26 AM
Tuesday February 5, 1:00 pm ET
SAN JOSE, Calif. and HOUSTON, Feb. 5 /PRNewswire-FirstCall/ -- Calpine Corporation (NYSE: CPN-WI - News) announced today that its indirect subsidiary Blue Spruce Energy Center, LLC (Blue Spruce LLC) has received funding for its $90 million senior term loan refinancing, maturing December 31, 2017.
Blue Spruce LLC owns the Blue Spruce Energy Center (BSEC) in Aurora, Colo. and is a stand-alone, indirect subsidiary of Calpine. BSEC currently operates under a 10-year power contract with Public Service Company of Colorado for up to 310 megawatts of the power plant's full capacity and related energy and ancillary services. Power deliveries commenced in mid-2003 and extend through April 2013.
Joint Lead Arrangers Co-Bank, ACB ("CoBank") and Siemens Financial Services, Inc. underwrote the project finance facility, and CoBank will serve as administrative agent. Net proceeds from the senior term loan will be used to refinance all outstanding indebtedness under the existing Blue Spruce LLC term loan facility, to pay fees and expenses related to the transaction and for general corporate purposes. This financing extends the tenor of the previous loan and is at a significantly lower interest rate. The benefits of the additional liquidity and lower interest expense flow through to Calpine. Calpine and other Calpine affiliates will not be responsible for the debts or other obligations of Blue Spruce LLC.
Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient electricity to customers and communities in 18 states in the U.S. The company owns, leases, and operates low-carbon, natural gas-fired, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit http://www.calpine.com for more information.
Joe
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