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Callon Petroleum closes $400M senior notes offering

Callon Petroleum Co. closed a private offering of $400 million of its 6.375% senior unsecured notes due 2026, which yielded net proceeds of about $394 million.

The company plans to use the proceeds from the offering to partly fund its $570 million acquisition of Delaware Basin oil and gas assets from Cimarex Energy Co. The independent oil and natural gas company recently closed an underwritten public offering, yielding net proceeds of $288.6 million, which will also be used to fund the acquisition.

Callon Petroleum plans to use the balance of the proceeds from the previously upsized 2026 notes offering to repay revolver debt, with the remaining, if any, to be used for general corporate purposes.

If the Cimarex deal does not materialize, the proceeds would be used to fund exploration and development activities, preferred stock redemptions, and for general corporate purposes.