UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 29, 2004
CALPINE CORPORATION
(A Delaware Corporation)
Commission File Number: 001-12079
I.R.S. Employer Identification No. 77-0212977
50 West San Fernando Street
San Jose, California 95113
Telephone: (408) 995-5115
ITEM 5. OTHER EVENTS
NEWS RELEASE CONTACTS: 408-995-5115
Media Relations: Bill Highlander, Ext. 1244
Investor Relations: Lisa Poelle, Ext. 1285
Calpine Subsidiaries, Rocky Mountain Energy Center, LLC, and
Riverside Energy Center, LLC, Close Secured Term Loans Offering
(SAN JOSE, Calif.) /PR Newswire - First Call/ June 29, 2004 - Calpine
Corporation [NYSE:CPN] today announced that Rocky Mountain Energy Center, LLC,
and Riverside Energy Center, LLC, two wholly owned stand-alone subsidiaries of
the Calpine subsidiary Calpine Riverside Holdings, LLC, have received funding in
the amount of $661.5 million as floating rate secured institutional term loans.
"Calpine again executes its proven strategy of refinancing commercial
bank-issued construction facilities with attractive, long-term capital markets
transactions," stated Brian Harenza, vice president, finance.
The offering was comprised of $661.5 million of First Priority Secured
Floating Rate Term Loans Due 2011 priced at LIBOR plus 425 basis points and
issued at a discount to par of 99.5%.
Net proceeds from the loans, after transaction costs and fees, were used to
pay final construction costs and refinance amounts outstanding under the $250
million non-recourse project financing for the Rocky Mountain facility (Weld
County, Colo.), and the $230 million non-recourse project financing for the
Riverside facility (Beloit, Wisc.).
In addition, $160 million was used to reimburse Calpine for costs incurred
in connection with the development and construction of the Rocky Mountain and
Riverside facilities. This will be used for general corporate purposes. The
company also received $79 million in cash and letters of credit as the result of
the elimination of certain reserves and letters of credit associated with the
original non-recourse project financings.
The institutional term loans were placed in the institutional term loan
market and are secured by the power plants, and the lenders' recourse is limited
to such security. None of the indebtedness is guaranteed by Calpine Corporation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CALPINE CORPORATION
By: /s/ Charles B. Clark, Jr.
-------------------------
Charles B. Clark, Jr.
Senior Vice President and Controller
Chief Accounting Officer
Date: June 29, 2004