Callon Petroleum talks $350 million eight-year senior notes to yield 6 1/8%-6 3/8%

By Paul A. Harris

Portland, Ore., Sept. 14 – Callon Petroleum Co. talked its $350 million offering of eight-year senior notes (B3/B+) to yield 6 1/8% to 6 3/8%, according to a market source.

The Rule 144A and Regulation S deal, which is being led by J.P. Morgan Securities LLC, is expected to price before the end of the week.

The Natchez, Miss.-based independent energy company plans to use the proceeds to repay its second-lien term loan and for general corporate purposes, including for a potential increase in drilling activity.

Callon is focused on the acquisition, development, exploration, and operation of oil and gas properties in the Permian Basin in West Texas.

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