Callon Petroleum Co. completes additional sale of preferred stock.NATCHEZ, Miss.--(BUSINESS WIRE)--Dec. 19, 1995--Callon Petroleum Co. (NASDAQ/NMS:CLNP CLNP - ConnectionLess Network Protocol , CLNPP) announced today that it has received $2.8 million as the result of Jefferies & Co. Inc. and Morgan Keegan & Co. Inc., the co-managers of its recent preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. offering, having exercised their overallotment option overallotment option See greenshoe. to purchase an additional 115,500 shares of preferred stock. The company's $30 million public offering of 1,200,000 shares of $2,125 Convertible Exchangeable Preferred Stock Convertible exchangeable preferred stock Convertible preferred stock that may be exchanged, at the issuer's option, into convertible bonds that have the same conversion features as the convertible preferred stock. , Series A, closed on Nov. 28, 1995. The offering was priced at $25 per share to yield 8.5 percent and is convertible into common stock at a conversion price of $11 per share. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering (approximately $31.1 million) will be used to repay bank debt and for general corporate purposes, including the acquisition of oil and gas properties and exploratory and development drilling. Callon Petroleum Co. has been engaged in the acquisition, development, exploration and operation of oil and gas properties primarily in the Gulf Coast region since 1950. CONTACT: Callon Petroleum Co., Natchez John Weatherly, 1-800-451-1294 |
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