Callon Petroleum completes redemption of convertible preferreds

By Jennifer Chiou

New York, July 15 - Callon Petroleum Co. said it issued 1,297,726 common shares and paid $657,949 for the redemption of all 596,671 outstanding shares of its $2.125 series A convertible exchangeable preferred stock.

As a result, the company will have an annual cash savings of $1.3 million in future dividend payments.

Holders of 571,108 shares converted their preferreds into the company's common stock at a conversion rate of 2.273 shares of common stock for each share of preferred stock, plus $1,477 in cash payments for fractional shares.

Callon Petroleum, which called the stock on June 13, redeemed the remaining 25,563 preferreds on July 7 at a redemption price equal to $25.213 per share plus $0.525347 for all accrued dividends.

Those who converted their preferreds into common stock will not receive accrued dividends.

Based in Natchez, Miss., Callon Petroleum develops and produces oil and gas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.