The Firm represented the initial purchasers, led by BofA Securities, Inc., in connection with a Rule 144A and Regulation S offering by Callon Petroleum Company (“Callon”) (NYSE: CPE) of $650 million aggregate principal amount of 8% Senior Notes due 2028. The transaction closed on July 6, 2021.
Callon intends to use the net proceeds from the notes offering to redeem all of its existing 6.25% Senior Notes due 2023, with the remaining proceeds to be used to partially repay amount outstanding under its senior secured revolving credit facility.
Callon is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas.
The Simpson Thacher team included Brian E. Rosenzweig, David Azarkh, Matt Hart, Maggie Selbe and Analilia Gomez (Capital Markets); Michael Isby (Environmental); Larry Moss (Executive Compensation and Employee Benefits); Jennie Getsin (FINRA); and Jonathan Cantor and Suzy Yaster (Tax). Summer Associate Chibunkem Ezenekwe also provided valuable assistance.