Finance & Investing | Fundraising | Capital Markets
Callon Upsizes Public Offering of Stock; $86.2 Million
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Callon Petroleum Company announced that it has priced an upsized underwritten public offering of 13,265,000 shares of its common stock for total estimated gross proceeds (before the underwriter's discounts and commissions and estimated offering expenses) of approximately $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 J.P. Morgan are acting…
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