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Callon Petroleum upsizes senior note offering

Callon Petroleum Company upsized a private offering to $400 million of its 6.375% senior unsecured notes due 2026, according to a May 31 news release.

The offering, upsized from the previously announced offering of $300 million of the 2026 notes, was launched partly to help fund its $570 million acquisition of Delaware Basin oil and gas assets from Cimarex Energy Co. The remaining net proceeds would be used for general corporate purposes. If the deal does not materialize, the proceeds would be used to fund exploration and development activities, preferred stock redemptions, and for general corporate purposes.

Callon recently closed an underwritten public offering, netting them about $288.6 million to also be used to fund the acquisition.

The offering is expected to close June 7.