Calpine Corporation Announces Closing of Senior Unsecured Notes Offering

  Calpine Corporation Announces Closing of Senior Unsecured Notes Offering

Business Wire

HOUSTON -- July 22, 2014

Calpine Corporation (NYSE: CPN) announced today that it has received aggregate
net proceeds of approximately $2,761 million, after deducting underwriting
discounts and estimated expenses, upon the closing of its registered public
offering of $1,250,000,000 in aggregate principal amount of its 5.375% Senior
Unsecured Notes due 2023 and $1,550,000,000 in aggregate principal amount of
its 5.750% Senior Unsecured Notes due 2025.

Calpine Corporation intends to use the net proceeds from this offering,
together with cash on hand (if necessary), to (i) repurchase all of the
Company’s 8% Senior Secured Notes due 2019, (ii) purchase pursuant to a tender
offer and consent solicitation, and/or redeem, the outstanding principal
amount of the Company’s 7.875% Senior Secured Notes due 2020 and 7.50% Senior
Secured Notes due 2021 and (iii) pay premiums, fees and expenses relating to
the purchase and redemption of existing secured notes described above.

This announcement does not constitute an offer to sell, or a solicitation of
an offer to buy, any security and nor shall there be any offer, solicitation
or sale of any security in any jurisdiction in which such offer, solicitation
or sale would be unlawful.

About Calpine

Calpine Corporation owns and operates primarily natural gas-fired and
geothermal power plants in North America and has a significant presence in
major competitive wholesale power markets in California, Texas and the
Mid-Atlantic region of the U.S. Calpine Corporation sells wholesale power,
steam, capacity, renewable energy credits and ancillary services to its
customers, which include utilities, independent electric system operators,
industrial and agricultural companies, retail power providers, municipalities,
power marketers and others.

Forward-Looking Information

In addition to historical information, this release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Words such as
“believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will,” “should,”
“estimate,” “potential,” “project” and similar expressions identify
forward-looking statements. Such statements include, among others, those
concerning expected financial performance and strategic and operational plans,
as well as assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such forward-looking statements are
not guarantees of future performance and that a number of risks and
uncertainties could cause actual results to differ materially from those
anticipated in the forward-looking statements. Please see the risks identified
in this release or in Calpine’s reports and registration statements filed with
the Securities and Exchange Commission, including, without limitation, the
risk factors identified in its Annual Report on Form 10-K for the year ended
December 31, 2013. These filings are available by visiting the Securities and
Exchange Commission’s website at www.sec.gov or Calpine’s website at
www.calpine.com. Given the risks and uncertainties surrounding forward-looking
statements, you should not place undue reliance on these statements. Many of
these factors are beyond our ability to control or predict. Our
forward-looking statements speak only as of the date of this release. Actual
results or developments may differ materially from the expectations expressed
or implied in the forward-looking statements, and, other than as required by
law, Calpine undertakes no obligation to update any such statements, whether
as a result of new information, future events, or otherwise.

Contact:

Calpine Corporation
Media Relations:
Brett Kerr, 713-830-8809
brett.kerr@calpine.com
or
Investor Relations:
Bryan Kimzey, 713-830-8775
bryan.kimzey@calpine.com
 
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