Callon Upsizes Offering of Stock to $100.8 Million
Callon Petroleum Company has priced an upsized underwritten public offering of 12,000,000 shares of its common stock for total estimated gross proceeds (before the underwriter's discounts and commissions and estimated offering expenses) of approximately $100.8 million. The underwriters will have an option for 30 days to purchase up to an additional 1,800,000 shares of common stock from the Company. 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.
J.P. Morgan and Credit Suisse are acting as joint book-running managers for the offering. The offering is expected to close on November 16, 2015, subject to customary closing conditions.
/Book Runner
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