Constellation Energy Generation, LLC announced the expiration and final results of private exchange offers and consent solicitations.
The offers involved exchanging existing notes issued by Calpine Corporation for newly issued Constellation notes.
As of the expiration date, a significant portion of the existing notes had been tendered and not withdrawn.
The successful completion of the exchange offers and consent solicitations marks a significant step in Constellation Energy Generation, LLC's financial strategy and integration with Calpine Corporation.
Exchange Offers Results
Over 99% of the existing 2029 and 2031 unsecured notes were tendered and not withdrawn.
Consent Solicitations Outcome
The requisite consents were obtained to amend Calpine notes, eliminating restrictive covenants and events of default.
Exchange Offer Consideration
Eligible holders received equal principal amount of Constellation notes and cash for each $1,000 principal amount of Calpine notes tendered.
- The completion of the exchange offers and consent solicitations signals successful restructuring for Constellation and Calpine notes.
- Eliminating restrictions and default events enhances the flexibility for both Constellation and previous Calpine note holders.
The successful completion of the exchange offers and consent solicitations marks a significant step in Constellation Energy Generation, LLC's financial strategy and integration with Calpine Corporation.