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Callon Petroleum (CPE) Prices $650M Senior Unsecured Notes

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Callon Petroleum Company (CPE - Free Report) announced the pricing of its $650 million aggregate principal amount of senior unsecured notes. The notes carry an interest rate of 8% and are likely to mature by 2028.

The notes are being offered through private placement and the company expects the offering to consummate on Jul 6, 2021.

The independent oil and natural gas company plans to allocate the net proceeds to fully redeem all of its $542.7 million of outstanding senior notes, carrying an interest rate of 6.25% and scheduled to mature by 2023. The company is planning to utilize the remaining proceeds for partially repaying amounts outstanding under its secured revolving credit facility. It is to be noted that the company expects the 2023 notes to be redeemable on Jul 21, 2021.

Callon Petroleum currently carries a Zacks Rank #3 (Hold). The upstream energy player is well placed to capitalize on the rapidly rising oil prices since it has a strong footprint in prolific oil plays of South and West Texas.

Meanwhile, a few better-ranked players in the energy space include Whiting Petroleum Corporation (WLL - Free Report) , Extraction Oil & Gas, Inc. (XOG - Free Report) and Oasis Petroleum Inc. (OAS - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

Extraction is expected to witness earnings growth of 450.8% in 2021.

Oasis Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

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