Callon Petroleum Co. (NYSE: CPE) has closed its underwritten public offering of 15,250,000 shares of its common stock, including 1,985,000 shares sold to the underwriters pursuant to their option to purchase additional shares, which the underwriters exercised on March 4.
Following this issuance, Callon now has 96,122,341 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 $94.9 million.
Proceeds from the offering are expected to be used to repay amounts outstanding under Callon's senior secured revolving credit facility, which were used in part to finance recent acquisitions, with any remainder being used for general corporate purposes, including future potential acquisitions with a primary focus in the Permian Basin.
Credit Suisse and JP Morgan acted as joint book-running managers for the offering.