Calpine Announces Intent to Sell Zero Coupon Debentures to Refinance Existing Debt

Apr 24, 2001, 01:00 ET from Calpine Corporation

    SAN JOSE, Calif., April 24 /PRNewswire Interactive Press Release/ --
 Calpine Corporation (NYSE:   CPN) announced today its intent to sell
 $800 million of zero coupon convertible debentures due 2021 in a private
 placement under Rule 144A. These securities will be convertible into Calpine
 common shares. In addition, the company has granted the underwriter an
 over-allotment option of $200 million.
     Proceeds from the offering will be used to extinguish certain project
 finance debt and for working capital and general corporate purposes.
     The zero coupon convertible debentures have not been registered under the
 Securities Act of 1933 and may not be offered or sold in the United States
 absent a registration or an applicable exemption from registration
 requirements.
     Based in San Jose, Calif., Calpine Corporation is dedicated to providing
 customers with reliable and competitively priced electricity. Calpine is
 focused on clean, efficient combined-cycle, natural gas-fired generation and
 is the nation's largest producer of renewable geothermal energy. The company
 was founded in 1984 and is publicly traded on the New York Stock Exchange
 under the symbol CPN. For more information about Calpine, visit its website at
 www.calpine.com.
 
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SOURCE Calpine Corporation
    SAN JOSE, Calif., April 24 /PRNewswire Interactive Press Release/ --
 Calpine Corporation (NYSE:   CPN) announced today its intent to sell
 $800 million of zero coupon convertible debentures due 2021 in a private
 placement under Rule 144A. These securities will be convertible into Calpine
 common shares. In addition, the company has granted the underwriter an
 over-allotment option of $200 million.
     Proceeds from the offering will be used to extinguish certain project
 finance debt and for working capital and general corporate purposes.
     The zero coupon convertible debentures have not been registered under the
 Securities Act of 1933 and may not be offered or sold in the United States
 absent a registration or an applicable exemption from registration
 requirements.
     Based in San Jose, Calif., Calpine Corporation is dedicated to providing
 customers with reliable and competitively priced electricity. Calpine is
 focused on clean, efficient combined-cycle, natural gas-fired generation and
 is the nation's largest producer of renewable geothermal energy. The company
 was founded in 1984 and is publicly traded on the New York Stock Exchange
 under the symbol CPN. For more information about Calpine, visit its website at
 www.calpine.com.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X22328697
 
 SOURCE  Calpine Corporation