Calpine subsidiary New Development Holdings finalizes $1.4B credit agreement
By APThursday, June 10, 2010
Calpine subsidiary finalizes $1.4B credit line
HOUSTON — Power producer Calpine Corp. said Thursday that its subsidiary New Development Holdings LLC finalized a $1.4 billion credit agreement that will help fund Calpine’s purchase of Conectiv Energy.
Calpine said the credit agreement includes an amortizing $1.3 billion, seven-year senior secured term facility, as well as a $100 million, three-year senior secured revolving credit facility. Calpine said the facility’s pricing is LIBOR plus 550 basis points.
Shares of Calpine rose 32 cents, or 2.4 percent, to close at $13.60.
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