Constellation Energy Generation, LLC announced the extension of the expiration date for private exchange offers and consent solicitations, providing stakeholders with additional time to participate in the offers.
The exchange offers involve swapping outstanding notes issued by Calpine Corporation for newly issued notes by Constellation, impacting both companies' stakeholders.
The expiration date for the exchange offers and consent solicitations has been pushed back to January 12, 2026, subject to specific conditions.
Extension of Expiration Date
The extension to January 12, 2026, provides more time for stakeholders to take part in the exchange offers and consent solicitations.
Requisite Consents Received
Constellation has garnered the necessary consents to amend the Calpine Notes, reflecting early support for the Proposed Amendments.
Operative Date of Proposed Amendments
The effective date of the Proposed Amendments is tied to the settlement date of the Exchange Offers, expected approximately three business days post January 12, 2026.
- The extended expiration date grants eligible holders further opportunity to engage in the exchange offers and consent solicitations, potentially influencing the overall participation rate and outcomes.
- Obtaining the essential consents signifies a robust backing for the Proposed Amendments to the Calpine Notes, indicating alignment among stakeholders.
- The Proposed Amendments target the removal of restrictive covenants and default events in the Calpine Notes, creating potential benefits for both Constellation and Calpine stakeholders by enhancing flexibility and reducing risk exposure.
Constellation Energy Generation, LLC's extension of the expiration date and the reception of necessary consents for the Proposed Amendments signify positive developments for the company and its stakeholders, reflecting alignment and potential benefits from the proposed changes.