Callon Petroleum wraps $250 million credit facility

By Susanna Moon

Chicago, Sept. 29 - Callon Petroleum Co. said it completed a $250 million second amended and restated senior secured credit agreement.

Union Bank of California, NA is the arranger and administrative agent. Regions Bank is syndication agent and Capital One, NA is documentation agent.

The credit agreement provides an initial borrowing base of $70 million, which will be reviewed semiannually, according to a press release. It provides Callon with an additional $20 million of liquidity over the facility it replaced, which had a $50 million borrowing base.

The agreement matures on Sept. 25, 2012.

Callon said there are no borrowings outstanding under the credit agreement, but that it does have a $15 million letter of credit outstanding that reduces availability.

Callon is a Natchez, Miss., explorer, developer, acquirer and operator of oil and gas properties.

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