Callon Petroleum Co. (NYSE: CPE) has closed its underwritten public offering of 13,800,000 shares of its common stock, including 1,800,000 shares sold to the underwriters pursuant to their option to purchase additional shares, which the underwriters exercised on Nov. 10.
Following this issuance, Callon now has 80,115,551 shares of common stock issued and outstanding. Total net proceeds of the offering, after underwriters' discounts and commissions and estimated offering expenses, will be approximately $109.9 million. Proceeds from the offering are expected to be used to repay amounts outstanding under Callon's credit facility, which were used in part to finance recent acquisitions, with any remainder being used for general corporate purposes, which may include future acquisitions.
JP Morgan and Credit Suisse acted as joint book-running managers for the offering.