Calpine Completes $1.5 Billion Senior Notes Offering

Apr 23, 2001, 01:00 ET from Calpine Corporation

    SAN JOSE, Calif., April 23 /PRNewswire Interactive News Release/ --
 Calpine Corporation (NYSE:   CPN), one of the nation's fastest growing
 independent power companies, announced today that its wholly owned special
 purpose finance company, Calpine Canada Energy Finance ULC, has priced its
 public offering of $1.5 billion in principal amount of 8-1/2% Senior Notes Due
 2008 priced at 99.768%.  These Senior Notes will be fully and unconditionally
 guaranteed by Calpine.
     Proceeds from the Senior Notes offering will be used to refinance existing
 indebtedness, finance the construction and development of additional power
 generation facilities and for working capital and general corporate purposes.
     The underwriter for the offering was Credit Suisse First Boston.  A copy
 of the final prospectus can be obtained from Credit Suisse First Boston,
 Eleven Madison Avenue, New York, NY 10010.
     This press release shall not constitute an offer to sell or the
 solicitation of an offer to buy nor shall there be any sale of these
 securities in any state in which such offer, solicitation or sale would be
 unlawful prior to registration or qualification under the securities laws of
 any such state.
     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 23 /PRNewswire Interactive News Release/ --
 Calpine Corporation (NYSE:   CPN), one of the nation's fastest growing
 independent power companies, announced today that its wholly owned special
 purpose finance company, Calpine Canada Energy Finance ULC, has priced its
 public offering of $1.5 billion in principal amount of 8-1/2% Senior Notes Due
 2008 priced at 99.768%.  These Senior Notes will be fully and unconditionally
 guaranteed by Calpine.
     Proceeds from the Senior Notes offering will be used to refinance existing
 indebtedness, finance the construction and development of additional power
 generation facilities and for working capital and general corporate purposes.
     The underwriter for the offering was Credit Suisse First Boston.  A copy
 of the final prospectus can be obtained from Credit Suisse First Boston,
 Eleven Madison Avenue, New York, NY 10010.
     This press release shall not constitute an offer to sell or the
 solicitation of an offer to buy nor shall there be any sale of these
 securities in any state in which such offer, solicitation or sale would be
 unlawful prior to registration or qualification under the securities laws of
 any such state.
     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/11690X14402113
 
 SOURCE  Calpine Corporation