Debt (Tables)
| 9 Months Ended |
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Sep. 30, 2011 |
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| Debt [Abstract] | |
| Debt instrument table | 5. Debt Our debt at September 30, 2011 and December 31, 2010, was as follows (in millions): | | | | | | | | | | | September 30,
2011 | | | December 31,
2010 | | First Lien Notes(1) | | $ | 5,892 | | | $ | 4,691 | | Project financing, notes payable and other(2)(3) | | | 1,658 | | | | 1,922 | | Term Loan and New Term Loan(2)(4) | | | 1,650 | | | | — | | NDH Project Debt(4) | | | — | | | | 1,258 | | First Lien Credit Facility(1) | | | — | | | | 1,184 | | CCFC Notes | | | 970 | | | | 965 | | Capital lease obligations | | | 234 | | | | 236 | | Total debt | | | 10,404 | | | | 10,256 | | Less: Current maturities | | | 101 | | | | 152 | | Debt, net of current portion | | $ | 10,303 | | | $ | 10,104 | |
_________ (1) | On January 14, 2011, we repaid and terminated the First Lien Credit Facility with the issuance of the 2023 First Lien Notes as discussed below. |
(2) | On June 17, 2011, we repaid approximately $340 million of project debt with the proceeds received from $360 million in borrowings under the New Term Loan as further described below. |
(3) | On June 24, 2011, we closed on the approximately $845 million Russell City Project Debt to fund the construction of Russell City and on August 23, 2011, we closed on the $373 million Los Esteros Project Debt to fund the upgrade of our Los Esteros Critical Energy Facility, both further described below. |
(4) | On March 9, 2011, we borrowed $1.3 billion under the Term Loan and repaid and terminated the NDH Project Debt as discussed below. |
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| First lien notes table | | | | | | | | | | | | September 30,
2011 | | | December 31,
2010 | | 2017 First Lien Notes | | $ | 1,200 | | | $ | 1,200 | | 2019 First Lien Notes | | | 400 | | | | 400 | | 2020 First Lien Notes | | | 1,092 | | | | 1,091 | | 2021 First Lien Notes | | | 2,000 | | | | 2,000 | | 2023 First Lien Notes(1) | | | 1,200 | | | | — | | Total First Lien Notes | | $ | 5,892 | | | $ | 4,691 | |
_________ (1) | On January 14, 2011, we issued $1.2 billion in aggregate principal amount of 7.875% senior secured notes due 2023 in a private placement. Interest on the 2023 First Lien Notes is payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2011. The 2023 First Lien Notes will mature on January 15, 2023. |
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| Letter of credit facilities table | | | | | | | | | | | | September 30,
2011 | | | December 31,
2010 | | Corporate Revolving Facility(1) | | $ | 402 | | | $ | 443 | | Calpine Development Holdings, Inc. | | | 163 | | | | 165 | | NDH Project Debt credit facility(2) | | | — | | | | 34 | | Various project financing facilities | | | 130 | | | | 69 | | Total | | $ | 695 | | | $ | 711 | |
_________ (1) | When we entered into our $1.0 billion Corporate Revolving Facility on December 10, 2010, the letters of credit issued under our First Lien Credit Facility were either replaced with letters of credit issued by our Corporate Revolving Facility or back-stopped by an irrevocable standby letter of credit issued by a third party. Our letters of credit under our Corporate Revolving Facility at December 31, 2010 include those that were back-stopped of approximately $83 million. The back-stopped letters of credit were returned and extinguished during the first quarter of 2011. |
(2) | We repaid and terminated the NDH Project Debt on March 9, 2011. |
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| Fair value of debt table | | | | | | | | | | | | | | | | | | | | September 30, 2011 | | | December 31, 2010 | | | | Fair Value | | | Carrying Value | | | Fair Value | | | Carrying Value | | First Lien Notes | | $ | 5,647 | | | $ | 5,892 | | | $ | 4,695 | | | $ | 4,691 | | Project financing, notes payable and other(1) | | | 1,434 | | | | 1,470 | | | | 1,673 | | | | 1,708 | | Term Loan and New Term Loan | | | 1,553 | | | | 1,650 | | | | — | | | | — | | NDH Project Debt | | | — | | | | — | | | | 1,303 | | | | 1,258 | | First Lien Credit Facility | | | — | | | | — | | | | 1,182 | | | | 1,184 | | CCFC Notes | | | 1,030 | | | | 970 | | | | 1,067 | | | | 965 | | Total | | $ | 9,664 | | | $ | 9,982 | | | $ | 9,920 | | | $ | 9,806 | |
_________ (1) | Excludes leases that are accounted for as failed sale-leaseback transactions under U.S. GAAP and included in our project financing, notes payable and other balance. |
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