Constellation Energy Generation, LLC announced the expiration and final results of private exchange offers and consent solicitations related to Calpine Corporation notes.
The exchange offers and consent solicitations were made pursuant to the terms and conditions set forth in the Offering Memorandum dated December 9, 2025.
As of the Expiration Date, significant amounts of Calpine Corporation notes were tendered and not withdrawn, indicating strong investor interest.
Strong Participation
Approximately 99.51% to 99.73% of the existing Calpine Corporation notes were tendered and not withdrawn, showing high participation rates.
Proposed Amendments
Consents were received to amend the Calpine Notes and indentures, eliminating certain restrictive covenants and events of default.
Exchange Terms
Eligible holders who tendered their Calpine Notes before the Early Tender Deadline will receive Constellation Notes and cash consideration.
- The successful exchange offers and consent solicitations demonstrate investor confidence in Constellation's financial health and strategic decisions.
- Eliminating the restrictive covenants and releasing security interests on the Calpine Notes can provide flexibility in future financial operations.
- The completion of the Company's acquisition of Calpine on January 7, 2026, signals a significant milestone in Constellation's growth strategy.
Overall, the high participation rates in the exchange offers, successful consent solicitations, and completion of the acquisition highlight Constellation's effective capital management and investor relations.