The Firm represented the initial purchasers, led by Wells Fargo Securities, LLC, in connection with a Rule 144A and Regulation S offering by Callon Petroleum Company (“Callon”) (NYSE: CPE) of $600 million aggregate principal amount of 7.5% Senior Notes due 2030. The transaction closed on June 24, 2022.
Callon intends to use the net proceeds from the notes offering, together with borrowings under its senior secured revolving credit facility, to redeem all of its existing 6.125% Senior Notes due 2024 and 9.0% Second Lien Senior Notes due 2025.
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 Austin Hubbert (Capital Markets); Michael Isby (Environmental); Larry Moss and Charles Pfeifer (Executive Compensation and Employee Benefits); Jennie Getsin (FINRA); and Jonathan Cantor (Tax). Summer Associates Bernice Kwade and Michael Hiestand also provided valuable assistance.