SAN FRANCISCO, Sept 22 (Reuters) - Hedge fund Harbinger Capital Partners is offering about 5 percent of the equity of Calpine Corp for public sale, sending shares of the U.S. power producer down 4 percent.
Harbinger Capital Partners Master Fund I Ltd is offering 20 million Calpine shares in a secondary offering, or 4.5 percent of the 442.15 million shares outstanding as of July 28, as well as an option to sell 3 million more, Calpine said on Tuesday.
Shares of Calpine, which emerged from bankruptcy last year, fell 4 percent in after-hours trade to $11.85, after closing 1.1 percent higher at $12.35. The stock hit a year high of $14.95 in June, recovering from as low as $4.76 in March.
New York-based Harbinger owns about 31.9 million Calpine shares directly and more than 55.1 million shares indirectly following its sale of 965,800 shares on Sept. 16, according to a filing with U.S. financial regulators.
(Reporting by Braden Reddall, editing by Leslie Gevirtz) Keywords: CALPINE/HARBINGER (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Harbinger Capital Partners Master Fund I Ltd is offering 20 million Calpine shares in a secondary offering, or 4.5 percent of the 442.15 million shares outstanding as of July 28, as well as an option to sell 3 million more, Calpine said on Tuesday.
Shares of Calpine, which emerged from bankruptcy last year, fell 4 percent in after-hours trade to $11.85, after closing 1.1 percent higher at $12.35. The stock hit a year high of $14.95 in June, recovering from as low as $4.76 in March.
New York-based Harbinger owns about 31.9 million Calpine shares directly and more than 55.1 million shares indirectly following its sale of 965,800 shares on Sept. 16, according to a filing with U.S. financial regulators.
(Reporting by Braden Reddall, editing by Leslie Gevirtz) Keywords: CALPINE/HARBINGER (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.