Calpine (NYSE:CPN) reported July 1 that it has executed an amendment to a $1bn Senior Secured Revolving Credit Facility as of June 27.
The applicable margin has been reduced from 3.25% to 2.25% for Eurodollar loans and from 2.25% to 1.25% for base rate loans, according to an 8-K financial report filed with the Securities and Exchange Commission (SEC).
The fee on the undrawn commitment has been reduced. Also, The maturity date of the corporate revolving facility has been extended from Dec. 10, 2015 to five years from the date of closing, June 27, 2018.
Calpine is the borrower on the credit facility. Goldman Sachs Bank USA, is administrative agent, and Goldman Sachs Credit Partners L.P., is collateral agent.
Houston-based Calpine describes itself as the nation’s largest independent power producer. Calpine is capable of delivering more than 27,000 MW electric power to customers and communities in 20 U.S. states and parts of Canada.
Calpine broke ground on its 309-MW Garrison power plant in Delaware June 25. The company will also discuss its second quarter financial results during a July 25 conference call with analysts.