Constellation Energy Extends Calpine Notes Exchange Offer Deadline

The latest update is out from Constellation Energy Corporation ( (CEG) ).

On December 23, 2025, Constellation Energy Generation, LLC announced that it had extended the expiration of its private exchange offers for Calpine Corporation’s outstanding 2029 and 2031 notes and the related consent solicitations from January 8, 2026 to January 12, 2026, while keeping the withdrawal deadline, which passed on December 22, 2025, unchanged. The company reported very high early participation, with about 99.5% of unsecured 2029 notes, 99.6% of unsecured 2031 notes and 88.3% of secured 2031 notes tendered, enabling it to secure the necessary consents to strip most restrictive covenants and events of default from the Calpine indentures and to release collateral securing the 2031 secured notes, with these amendments to become operative only upon settlement of the exchange offers and completion of the pending merger between Constellation Energy Corporation and Calpine. The structure offers equal-principal Constellation notes plus modest cash to early tendering holders, and a slightly reduced principal amount with no cash for later tenders, underscoring an effort to streamline Calpine’s capital structure and shift obligations onto Constellation’s balance sheet as a condition to closing the merger transaction, with implications for both companies’ bondholders and post-merger financial flexibility.

The most recent analyst rating on (CEG) stock is a Hold with a $394.00 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.

Constellation Energy Corporation’s overall stock score reflects strong earnings call performance and positive corporate events, which are offset by valuation concerns and moderate technical indicators. The company’s financial performance shows resilience but highlights the need for improved profitability and cash flow management. The strategic focus on nuclear energy and successful corporate actions provide a solid foundation for future growth.

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

More about Constellation Energy Corporation

Constellation Energy Generation, LLC is a Pennsylvania-based power generation company and subsidiary of Constellation Energy Corporation, active in the U.S. energy sector and focused on owning and operating generation assets, as well as managing related financing activities including corporate notes and other debt instruments tied to its strategic transactions.

Average Trading Volume: 2,705,060

Technical Sentiment Signal: Buy

Current Market Cap: $111B

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