Constellation Completes High-Participation Exchange of Calpine Notes

Constellation Energy Corporation ( (CEG) ) has shared an update.

On January 13, 2026, Constellation Energy Generation, LLC announced the expiration and final results of its private exchange offers and related consent solicitations for outstanding notes issued by Calpine Corporation, following the completion of Constellation’s acquisition of Calpine on January 7, 2026. The exchange offers, which expired on January 12, 2026, achieved very high participation, with approximately 99.51% of Calpine’s 4.625% senior unsecured notes due 2029, 99.73% of its 5.000% senior unsecured notes due 2031, and 88.36% of its 3.750% senior secured notes due 2031 validly tendered, enabling Constellation to issue new unsecured notes on substantially similar terms while securing consents to strip most restrictive covenants and events of default from the Calpine indentures and to release collateral on the secured 2031 notes. This restructuring of Calpine’s debt into Constellation-issued notes, with settlement expected around January 15, 2026, simplifies the combined company’s capital structure, reduces covenant constraints, and marks a significant step in integrating Calpine’s financing into Constellation’s balance sheet, affecting both noteholders’ rights and the company’s financial flexibility going forward.

The most recent analyst rating on (CEG) stock is a Buy with a $440.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.

Spark’s Take on CEG Stock

According to Spark, TipRanks’ AI Analyst, CEG is a Neutral.

The score is led by solid underlying financial performance but is capped by negative free cash flow and some margin/efficiency pressure. Earnings-call commentary and guidance were constructive, supporting the outlook, while technicals are currently soft and valuation looks expensive with a low dividend yield.

To see Spark’s full report on CEG stock, click here.

More about Constellation Energy Corporation

Constellation Energy Generation, LLC is a Pennsylvania-based energy company focused on power generation, including large-scale assets in the U.S. electricity market, and engages in corporate financing activities such as issuing senior notes to institutional investors. Through transactions like its acquisition of Calpine Corporation, the company is expanding its footprint in the competitive power generation sector and actively managing its capital structure via private exchange offers of debt securities.

Average Trading Volume: 2,665,676

Technical Sentiment Signal: Buy

Current Market Cap: $107B

See more insights into CEG stock on TipRanks’ Stock Analysis page.