Callon completes public offering, nets $65.7M
Published: February 17,2011
NATCHEZ — Callon Petroleum Company has closed its previously announced public offering of nine million shares of its common stock at a price to the public of $7.75 per share.
Callon also granted the underwriters a 30-day option to purchase up to an additional 1.35 million common shares on the same terms and conditions to cover over-allotments, if any.
Callon received net proceeds of approximately $65.7 million.
Callon said it intends to use the net proceeds from the offering to fund a portion of its 2011 capital budget and for general corporate purposes, including possible future acquisitions.
Callon also intends to use $35 million of the net proceeds to redeem $31 million of its outstanding 13 percent Senior Notes due 2016 and pay the associated redemption premium.
These net proceeds do not include any proceeds associated with the underwriters’ over-allotment option.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Congressional delegation applauds Air Force's decision on Keesler, but not satisfied
- Deal for Jackson-Orlando flights in works with Allegiant
- (UPDATED) Making Jackson-Evers affordable to Allegiant is key to regaining Orlando service
- County rescinds gun ban; sheriff says lawmakers may 'deal with the consequences'
- Great River Industries moving headquarters to Natchez
- Report: Mississippi sees biggest hike in home insurance premiums in U.S.
- Baseball stadium for Farish Street? It’s possible
- The Blues and higher education — Delta State launches the International Delta Blues Project
- Giles Ward will not seek reelection to Senate
- Singing River shutting doors on two Coast clinics