In November 2009, Calyon acted as co-bookrunner, mandated lead arranger, and administrative agent in Calpine Corporation's Steamboat refinancing.

Calyon Project Finance team in New York branch closed on an amendment and extension of Calpine Corporation’s Steamboat facility, a portfolio financing that includes its Mankato Power Plant and Freeport Energy Center. The amendment and extension is for USD 498.5 million in eight-year senior secured credit facilities, including a USD 465 million senior term loan facility, a USD 11 million senior secured power security fund letter of credit and a USD 22.5 million debt service reserve letter of credit.
 

The amendment and extension recapitalises a USD 467 million construction six-year term loan facility entered into in 2005 that was used to build the Freeport and Mankato projects. Freeport is a cogeneration facility located in Freeport (Texas) and Mankato is a combined cycle facility located in Blue Earth County (Minnesota).
 

“We are pleased to have completed this refinancing on favorable terms,” said Zamir Rauf, Calpine Chief Financial Officer. “This is another important step in our commitment to extend our debt maturities and simplify our capital structure.”

The transaction was a success: it was oversubscribed leading to the first North American Power Project Finance transaction to break under the 3% LIBORThe London Interbank Offered Rate is a daily reference rate based on the interest rates at which banks borrow unsecured funds from banks in the London wholesale money market (or interbank market). It is roughly comparable to the U.S. Federal funds rate.

 margin hurdle since the credit crisis.
 

Calpine Corporation is a major US power company. The company provides electricity in 16 states of the United States and in Canada.