Callon Petroleum’s $600 Million Notes Offering

Kirkland & Ellis advised Callon Petroleum, while Simpson Thacher represented the initial purchasers, led by Wells Fargo Securities.

Callon Petroleum Company announced its Rule 144A and Regulation S offering 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 Kirkland team was led by capital markets partners Sean Wheeler (Picture), Michael Rigdon and Atma Kabad and associates Erin Eberle, Hunter Richey and Rizwan Popatia; with assistance from debt finance partners Mary Kogut and Jordan Roberts, tax partners David Wheat, Bill Dong and associate Nicole Martin, environmental partner James Dolphin, investment funds partner Christine Matott, and employee benefits of counsel Jack Bernstein. 

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.

Involved fees earner: Jack Bernstein – Kirkland & Ellis; James Dolphin – Kirkland & Ellis; William Dong – Kirkland & Ellis; Erin Elizabeth Eberle – Kirkland & Ellis; Atma Kabad – Kirkland & Ellis; Mary Kogut – Kirkland & Ellis; Nicole Martin – Kirkland & Ellis; Christine Matott – Kirkland & Ellis; Rizwan Popatia – Kirkland & Ellis; Hunter Richey – Kirkland & Ellis; Michael Rigdon – Kirkland & Ellis; Jordan Roberts – Kirkland & Ellis; David Wheat – Kirkland & Ellis; Sean Wheeler – Kirkland & Ellis; David Azarkh – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Matthew Hart – Simpson Thacher & Bartlett; Austin Hubbert – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Charles Pfeifer – Simpson Thacher & Bartlett; Brian Rosenzweig – Simpson Thacher & Bartlett; Margaret Selbe – Simpson Thacher & Bartlett;

Law Firms: Kirkland & Ellis; Simpson Thacher & Bartlett;

Clients: Callon Petroleum Company; Wells Fargo Securities;

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Author: Youness Semri