Callon Petroleum Completes Tender Offers for Senior Notes

Callon Petroleum Company has announced the expiration of its cash tender offers for the 8.000% Senior Notes due 2028 and 7.500% Senior Notes due 2030. The final tender results reveal that the offers expired at 11:59 p.m. on March 28, 2024, with no post-Expiration Time tenders accepted. Information on the terms and conditions of the Offers and Consent Solicitations was provided by D.F. King & Co., Inc., the Information and Tender Agent.

Callon Petroleum Company, a leading oil and gas exploration and production company, recently announced the expiration of its cash tender offers for its 8.000% Senior Notes due 2028 and 7.500% Senior Notes due 2030 [1]. The final tender results reveal that the offers garnered significant participation from noteholders, with over 98.6% of the total outstanding 2028 Notes and 97.4% of the total outstanding 2030 Notes tendered before the deadline.

The early results, which were announced on March 15, indicate that Callon will not be required to accept any tendered notes for purchase if the planned merger with APA Corporation is not consummated by the expected settlement date on April 1, 2024 [1]. Notably, the tender offers were contingent on the successful completion of the merger, and the withdrawal deadline for the offers expired immediately after the consent fee deadline.

Callon's decision to tender for these bonds comes as part of a larger effort to strengthen its financial position and streamline its operations. In conjunction with the tender offers, the company initiated consent solicitations to gather approval from bondholders for proposed amendments to the indentures governing the notes [1]. These amendments aim to eliminate most restrictive covenants and certain default provisions contained in the existing indentures.

The successful completion of these tender offers and consent solicitations represents a significant milestone for Callon Petroleum Company as it continues to navigate the evolving energy landscape and position itself for long-term growth.

Sources:
[1] Callon Petroleum Company. (2024, March 15). Callon Petroleum Company Announces Early Results of Its Tender Offers and Consent Solicitations. PR Newswire. https://www.prnewswire.com/news-releases/callon-petroleum-company-announces-early-results-of-its-tender-offers-and-consent-solicitations-301527677.html