CEG · 10-Q · 2026Q3 · Full report

Outstanding Indebtedness

Constellation Energy Corp · 2026-11-09 · Importance 71 · Surprise 42 · No source text

At the January 2026 Calpine acquisition, Constellation assumed approximately $12.6 billion of debt, including $7.6 billion of corporate long-term debt and approximately $5.0 billion of project financing. In January, Constellation issued new notes that effectively replaced $2.3 billion of Calpine senior unsecured and secured notes. Using bond proceeds, cash on hand, and short-term debt, it repaid $2.5 billion of Calpine corporate term loans after closing, $1.25 billion of senior secured first-lien notes in February, and $1.4 billion of senior unsecured notes in March 2026. At September 30, 2026, borrowings included $1.2 billion under the Geysers Power Company term loan and $2.1 billion under the Calpine Construction Finance Company term loan; the latter was secured by certain property, including six natural-gas-fired plants.

Key facts

• As of September 30, 2026, Constellation had a $1,500 million unsecured short-term loan initiated in April 2026 at one-month SOFR plus 0.70%, maturing in April 2027.
• Constellation Energy Corp issued $5,001 million of long-term debt and retired $5,460 million of long-term debt in the nine months ended September 30, 2026.
• Constellation Energy Corp had $3,989 million of short-term borrowings and $19,039 million of long-term debt at September 30, 2026.
• As of September 30, 2026, Constellation reported $19,524 million of total long-term debt and $19,039 million of long-term debt net of unamortized items and amounts due within one year.
• Constellation Energy Corp assumed $12,551 million of Calpine debt at estimated fair value on the acquisition date.
• Constellation’s Calpine Construction Finance Company term loan had $2.1 billion outstanding as of September 30, 2026, matures in July 2030, and bears interest at SOFR plus 1.75%.
• The exchange-offer notes included $2,290 million in total senior unsecured notes, with interest rates of 4.625%, 5.000%, and 3.750% and maturities in February 2029, February 2031, and March 2031, respectively.
• In May 2026, Constellation issued $2.2 billion of senior unsecured notes and used the net proceeds to repay short-term borrowings, including commercial paper, and for general corporate purposes.

Impact estimates