CSFB has played an integral role in the growth of Calpine, a leading independent power company, since leading the company's IPO in 1996. Calpine has one of the largest electric power development programs in the US, with more than 12,600 megawatts of capacity in operation, under construction or in announced development in 16 states. Last year, CSFB helped Calpine meet its significant capital needs to finance its growth through a series of successful transactions. In addition to serving as strategic advisor, CSFB led a $95 million acquisition bridge facility, a $214 million common stock offering, $600 million in senior notes, a $383 million common stock offering, a $276 million convertible preferred offering, and a $1 billion revolving construction credit facility. The last serves as the primary vehicle for financing Calpine's future development projects, will produce significant savings versus "one-off" financings and ranks as the largest "greenfield" development financing to date. Investment Dealers' Digest and Euromoney each named the transaction as their Project Finance Deal of the Year. CSFB's commitment to financing Calpine helped position the company for success in both executing its business plan and delivering returns for investors. Over the course of the year, in the midst of aggressive capital raising, Calpine's stock price rose over 400 percent.