Calpine receives bank approval on new, two-year, $950 million working capital revolver

SAN JOSE, Calif., June 24, 2003 — Calpine Corp., a North American power company, announced that it has reached agreement with its bank group on a term sheet for a new, two-year, $950 million secured working capital revolver.

As previously announced, this agreement provides the company with an automatic extension of the current maturity date for its existing $950 million revolving credit facilities to July 16, 2003. This extension will allow Calpine and its banks sufficient time to complete definitive documentation.

“We greatly appreciate the efforts of our bank group in structuring this new, two-year, secured working capital revolver,” stated Calpine Chief Financial Officer Bob Kelly. “This refinancing is a significant advancement in Calpine’s program to enhance our liquidity and financial strength. Calpine continues to make progress towards the completion of other refinancing opportunities, and we are advancing our $2.3 billion liquidity program through several additional liquidity-enhancing transactions.”

Calpine Corporation is a North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities.

The company generates power at plants it owns or leases in 22 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world’s largest producer of renewable geothermal energy, and it owns approximately one trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States.

The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit

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