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Callon Petroleum launches $300M senior notes private offering

Callon Petroleum Co. is commencing a private offering of $300 million of its senior unsecured notes due 2026, to partly fund its acquisition of Delaware Basin oil and gas assets from Cimarex Energy Co.

The portion of the net proceeds not used to pay for the $570 million deal would be used for general corporate purposes, according to a May 31 news release. If the deal does not push through, the proceeds would be used to fund exploration and development activities, preferred stock redemptions and for general corporate purposes.

The Permian Basin-focused energy producer recently closed an underwritten public offering of common shares, which earned Callon about $288.6 million to be used to pay for the Cimarex acquisition.