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Gold/Mining/Energy : CPN: Calpine Corporation -- Ignore unavailable to you. Want to Upgrade?

To: kodiak_bull who wrote (230)	12/20/2001 9:09:33 PM
From: Clement	Read Replies (1) \| Respond to of 555

CFA Converts Wrap: Calpine's New Conv 6.5 Points Higher 12/20/2001 Dow Jones Corporate Filings Alert (Copyright (c) 2001, Dow Jones & Company, Inc.) WASHINGTON -(Dow Jones)- Calpine Corp.'s $1 billion in 4% senior unsecured convertible notes, which priced late Wednesday, jumped in trading Thursday from par to 106.25 - 106.75 bid/ask, or 24 points above parity, according to a trader. The five-year notes were issued with a 23% conversion premium. Proceeds from the offering are intended to fund the repurchase of a portion of its zero-coupon convertible debentures due 2021 on the open market or in negotiated transactions. The company had originally planned to issue $400 million of the 4% notes in its Rule 144a private placement through Deutsche Banc Alex. Brown. As reported, demand for the notes was high despite recent downgrades of the company's formerly investment-grade credit to junk status. Calpine shares finished the day 1% higher at $14.85. Calpine is an energy company based in San Jose. ======================================================= Kodiak - No thanks necessary. You're quite welcome but I must confess that SI is actually sort of acting as my archive of information so it's as much for me as for the rest of you guys. Debate is also very healthy for me just so that I know that I'm not absolutely delusional and can give good reasons as to why I own this stock and ensure that I understand the risks. FYI - re bond trading... this is actually kinda a bad thing IMHO... it means that their bonds are actually in demand and the overallotment will actually take place... I take no comfort in the fact that the bondholders like Calpine's business plan. I think that Calpine sold too much - of course the other possibility is that counterparties are demanding so much in LOC's that this capital will actually be very necessary to continue Calpine's trading operations. Clement