Debt (Tables)

6 Months Ended

Jun. 30, 2011

Debt [Abstract]

Debt instrument table

5.Debt

Our debt at June 30, 2011 and December 31, 2010, was as follows (in millions):

	June 30, 2011		December 31, 2010
First Lien Notes(1)	$	5,891	$	4,691
Project financing, notes payable and other(2)(3)		1,568		1,922
Term Loan and New Term Loan(2)(4)		1,654		—
NDH Project Debt(4)		—		1,258
First Lien Credit Facility(1)		—		1,184
CCFC Notes		969		965
Capital lease obligations		234		236
Total debt		10,316		10,256
Less: Current maturities		126		152
Debt, net of current portion	$	10,190	$	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 as 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.

First lien notes table

	June 30, 2011		December 31, 2010
2017 First Lien Notes	$	1,200	$	1,200
2019 First Lien Notes		400		400
2020 First Lien Notes		1,091		1,091
2021 First Lien Notes		2,000		2,000
2023 First Lien Notes(1)		1,200		—
Total First Lien Notes	$	5,891	$	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. The 2023 First Lien Notes bear interest at 7.875% 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.

Letter of credit facilities table

	June 30, 2011		December 31, 2010
Corporate Revolving Facility(1)	$	369	$	443
Calpine Development Holdings, Inc.		193		165
NDH Project Debt credit facility(2)		—		34
Various project financing facilities		100		69
Total	$	662	$	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.

Fair value of debt table

	June 30, 2011				December 31, 2010
	Fair Value		Carrying Value		Fair Value		Carrying Value
First Lien Notes(1)	$	6,032	$	5,891	$	4,695	$	4,691
Project financing, notes payable and other(2)(3)(4)		1,355		1,378		1,673		1,708
Term Loan and New Term Loan(1)(2)		1,638		1,654		—		—
NDH Project Debt(1)		—		—		1,303		1,258
First Lien Credit Facility(1)		—		—		1,182		1,184
CCFC Notes		1,073		969		1,067		965
Total	$	10,098	$	9,892	$	9,920	$	9,806

_________

(1) On March 9, 2011, we repaid and terminated the NDH Project Debt with proceeds received from the Term Loan, and on January 14, 2011, we repaid and terminated the First Lien Credit Facility with the issuance of the 2023 First Lien Notes as discussed above.

(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 described above.

(3) On June 24, 2011, we closed on the approximately $845 million Russell City Project Debt to fund the construction of Russell City as described above.

(4) 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.