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Callon Petroleum to pay down credit facility via public stock offering
By Toni Weeks
San Luis Obispo, Calif., March 9 – Callon Petroleum Co. will use the proceeds of a public stock sale to repay amounts outstanding under its credit facility, according to a 424B5 filing with the Securities and Exchange Commission.
Remaining proceeds will be used for general corporate purposes, including funding of the company’s capital program ad future acquisitions.
On Monday, Callon announced it planned to price 9 million common shares with a greenshoe of 1.35 million shares for a public offering conducted by J.P. Morgan Securities LLC.
Callon is an independent oil and natural gas company based in Natchez, Miss.
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