Callon Petroleum Announces $75 Million Credit Facility.Business Editors NATCHEZ Natchez, city, United States Natchez, city (1990 pop. 19,460), seat of Adams co., SW Miss., on bluffs above the Mississippi River; settled 1716, inc. 1803. , Miss.--(BUSINESS WIRE)--Oct. 31, 2000 Callon Petroleum Company (NYSE NYSE See: New York Stock Exchange : CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment ) (NYSE: CPE.PrA) announced today it has entered into a multi-year $75 million credit facility with First Union National Bank and Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. . The credit facility was arranged by Charlotte, North Carolina-based First Union Securities, Inc. At closing, $26.1 million was advanced under the new facility for repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of existing debt. The credit facility has an initial borrowing base of $50 million. The company's borrowing base will be redetermined periodically based upon, among other things, current-year production and reserve additions. The credit agreement contains various covenants and restrictions common to borrowings of this type as well as maintenance of certain financial ratios. Callon Petroleum Company has been engaged in the exploration, development, acquisition and operation of oil and gas properties in the Gulf Coast region since 1950. This news release contains projections and other forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. |
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