Callon Petroleum $100 million facility priced at Libor plus 400 bps

By Sara Rosenberg

New York, Feb. 3 - Callon Petroleum Co.'s $100 million amended and restated senior secured credit facility due Sept. 25, 2012 is priced at Libor plus 400 basis points with a 2% Libor floor, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

There is a 50 bps unused fee.

Regions Bank acted as the arranger and administrative agent on the deal that was completed on Jan. 29.

The facility has an initial borrowing base of $20 million, which will be reviewed and re-determined on a semiannual basis.

Proceeds were used to replace an existing facility and will be used for capital expenditures and general corporate purposes.

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

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