Callaway Golf has successfully completed its private offering of 1.25 million shares of 7.5 percent Series B Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $100 per share. The initial purchasers exercised an option to buy an additional 150,000 shares of preferred stock to cover all over-allotments. The golf company will pay cumulative dividends on the preferred shares from the date of original issue at a rate of 7.5 percent per annum of the $100 liquidation preference per share. Callaway intends to use the net proceeds of approximately $134 million from the private offering to pay down its revolving credit line and ensure favorable terms.