Callon Petroleum to redeem $779.9 million of notes from two series

By Mary-Katherine Stinson

Lexington, Ky., June 9 – Callon Petroleum Co. plans to redeem all $460.2 million 6 1/8% senior notes due 2024 and all $319.7 million 9% second-lien senior secured notes due 2025 with the proceeds of a new notes issue and borrowings under the company’s senior secured revolving facility, according to a news release.

The 2024 notes will be redeemed at 101.531 plus accrued interest to the redemption date.

The 2025 notes will be redeemed at par plus a make-whole premium and accrued interest to the redemption date. The make-whole premium is estimated to result in a redemption price of approximately 106.5 for the 2025 notes.

Callon Petroleum is a Houston-based oil and natural gas company.

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