Calpine - 2ndl Lien Bonds CPN

October 31, 2005 - 5:52pm EST by

member

						2005	2006
Price:		75.00		EPS
Shares Out. (in M):		0		P/E
Market Cap (in $M):		2,500		P/FCF
Net Debt (in $M):		0		EBIT		0	0
TEV (in $M):		0		TEV/EBIT

Description

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#	AUTHOR DATE SUBJECT
8	member 11/29/05 9:03PM 2nd's
do you think that the 4.5bn is reinstated for the 1st and seconds, i would imagine that the reorg would look to give them a portion of the equity, and cram the unsecureds down what... login to read the rest view available tags
6	member 11/29/05 10:14AM reply
Geysers - yes they have a covenant & they also had/have a covenant on the gas assets --- the recent Del. ruling helps make me more comfortable that the indentures adequatly secure the 2nd interest... login to read the rest view available tags
5	member 11/23/05 9:57PM 2nd's
If they sell the geysers do the 2nd liens have a covenant that forces CPN to use the proceeds for paydown or can they play games like they have with other gas asset sales. Also, question... login to read the rest view available tags
4	member 11/03/05 5:53PM reply
I'm not ceratin that they file - they can do a million things to stay out of CH. -- if they file the 2nd's are in good shape/if they don't you get a 20% pluss view available tags
3	member 11/03/05 2:28PM Why do you think it is a certa
Why do you think it is a certainty that they file? The next problem maturity is the 2007 notes and if the power markets havn't improved by then, it is clear that the company... login to read the rest view available tags
2	member 11/03/05 9:07AM reply
I think the company should/will go ch.11 -- I agree with you with regard to the current liquidation of SERC assets are well below replacement -- The Gysers are worth 2 to 3x the 1st... login to read the rest view available tags
1	member 11/02/05 1:32PM Some issues
Well the whole trick here is to figure out what the assets secured by the first lien are really worth, to then understand what is left over for the 2nd lien. SERC assets might be... login to read the rest view available tags

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