Callon Petroleum Company increases and prices Senior Subordinated Notes offering.NATCHEZ, Miss.--(BUSINESS WIRE)--Nov. 25, 1996-- $21 million of Senior Subordinated Notes due 2001 priced at 10 percent Callon Petroleum Company (Nasdaq NMS See NetWare Management System. : CLNP/CLNPP) announced today it has increased its public offering of Senior Subordinated Notes due 2001 from $15 million to $21 million. The offering was priced to yield 10 percent. The manager for the offering is Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Keegan & Company, Inc. Callon has granted the underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. a 15 percent overallotment option overallotment option See greenshoe. to purchase additional notes during the next 30 days. 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 $20.1 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 Company has been engaged in the exploration, development, acquisition and operation of oil and gas properties in the Gulf Coast region since 1950. CONTACT: Callon Petroleum Company, Natchez John Weatherly, 800/451-1294 |
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