Calpine Announces Sale of Zero Coupon Debentures to Refinance Existing Debt

Apr 25, 2001, 01:00 ET from Calpine Corporation

    SAN JOSE, Calif., April 25 /PRNewswire/ -- Calpine Corporation (NYSE:   CPN)
 announced today that it has sold $850 million of zero coupon convertible
 debentures due 2021 in a private placement under Rule 144A.  These securities
 will be convertible into Calpine common shares at a price of $75.35, which
 represents a 37% conversion premium on the April 24, 2001 New York Stock
 Exchange closing price of $55.00 for Calpine common shares.  In addition, the
 company has granted the underwriter an over-allotment option for $150 million
 of debentures.
     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 25 /PRNewswire/ -- Calpine Corporation (NYSE:   CPN)
 announced today that it has sold $850 million of zero coupon convertible
 debentures due 2021 in a private placement under Rule 144A.  These securities
 will be convertible into Calpine common shares at a price of $75.35, which
 represents a 37% conversion premium on the April 24, 2001 New York Stock
 Exchange closing price of $55.00 for Calpine common shares.  In addition, the
 company has granted the underwriter an over-allotment option for $150 million
 of debentures.
     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/11690X83626617
 
 SOURCE  Calpine Corporation