Finance & Investing | Fundraising | Capital Markets
Callon Launches Public Offering of Stock
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Callon Petroleum Company announced that it has commenced, subject to market and other conditions, an underwritten public offering of 12,500,000 shares of its common stock.
The underwriters will have an option to purchase up to an additional 1,875,000 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 J.P. Morgan are acting as joint book-running managers for the offering.
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