CEG · 10-Q · 2026Q2 · Full report

Outstanding Indebtedness

Constellation Energy Corp · 2026-08-06 · Importance 71 · Surprise 60 · In source text

Constellation assumed approximately $12.6 billion of Calpine debt upon closing the acquisition on January 7, 2026, including approximately $7.6 billion of corporate debt and $5.0 billion of project financing. The company repaid $2.5 billion of Calpine corporate term loans, $1.25 billion of senior secured notes and $1.4 billion of senior unsecured notes during the first quarter of 2026. Constellation issued $2.29 billion of senior unsecured notes in the January exchange offer, $2.75 billion of senior unsecured notes in January, and an additional $2.2 billion in May. The May issuance proceeds were used to repay short-term borrowings, including commercial paper, and for general corporate purposes.

Key facts

• Long-term debt total per table: $19,606 as of June 30, 2026 and $7,403 as of December 31, 2025. source
• Long-term debt (line item) reported: $19,111 as of June 30, 2026 and $7,250 as of December 31, 2025. source
• Senior unsecured notes balances: $13,033 as of June 30, 2026 and $5,688 as of December 31, 2025. source
• Upon completion of the Calpine acquisition in January 2026, we assumed approximately $12.6 billion of debt inclusive of approximately $7.6 billion of corporate long-term debt and approximately $5.0 billion of project financing arrangements. source
• We assumed total debt of $12,551 million at estimated fair value as of the Acquisition Date. source
• Of the debt assumed at acquisition, $12,272 million was classified as Long-term debt in the Consolidated Balance Sheets. source
• Liabilities assumed in the Calpine acquisition totaled $22,060 million. source
• Exchange of Calpine senior notes for Constellation senior notes was $2,290 million. source

Impact estimates