Callon prices upsized common stock offering

Callon Petroleum Co. (NYSE: CPE) has priced an upsized underwritten public offering of 13,265,000 shares of its common stock for total estimated gross proceeds of $86.2 million.

The underwriters will have an option for 30 days to purchase up to an additional 1,985,000 shares of common stock from the company. 

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 are acting as joint book-running managers for the offering. The offering is expected to close on March 9.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...