Constellation completes exchange of $2.29 billion of Calpine notes into its own notes
On January 15, 2026, Constellation completed exchange offers for Calpine's senior notes, with $2,289,722,000 in principal tendered and accepted. Calpine's noteholders also approved amendments that remove substantially all restrictive covenants and events of default, other than payment and bankruptcy defaults. The filing comes after Constellation's January 7, 2026 completion of its acquisition of Calpine, and it shows how Calpine's debt is being moved into Constellation's own notes.
Key points
- $2,289,722,000 in Calpine notes were validly tendered, accepted, retired and canceled; the exchange offers have expired.
- New Constellation notes: 4.625% due February 1, 2029; 5.000% due February 1, 2031; 3.750% due March 1, 2031, with the same interest rates and maturities as the Calpine notes they replace.
- Consent solicitation amendments eliminate substantially all restrictive covenants and events of default, other than payment-related and bankruptcy-related defaults.
- Settlement date was January 15, 2026, with the supplemental indentures signed the same day.
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 15, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.