CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.66

-0.3%

Nov 7 9:30 AM EST

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From: Clement	12/19/2001 9:18:55 AM
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Calpine says to sell $400 mln of convertible bonds SAN JOSE, Calif., Dec 19 (Reuters) - Calpine Corp. (NYSE:CPN - news) said on Wednesday that it plans to sell $400 million of convertible debentures. The San Jose, California-based company said that the company will sell the debentures due 2006 in a private placement under Rule 144A. The securities will be convertible into shares of Calpine common stock at a fixed conversion ratio to be determined and will bear interest at a rate to be determined. The underwriter has an option to buy an additional $100 million of the securities, the company said. The proceeds will be used to repurchase a portion of the company's zero-coupon convertible debentures due 2021. Calpine has plans to build 70,000 megawatts of capacity by 2005, enough to supply about 70 million homes, which would make it the largest independent power supplier in the United States. So far, Calpine has about 30,000 MW either built or under construction.

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