Whiting Petroleum Corp. (NYSE: WLL) has received approximately $3 billion in aggregate net proceeds from its recent offerings of senior notes and common stock.
Whiting has completed its private unregistered offerings of $1.25 billion aggregate principal amount of 1.25% convertible senior notes due 2020 and $750 million aggregate principal amount of 6.25% senior notes due 2023. The amount of convertible notes includes the sale of $250 million aggregate principal amount of convertible notes pursuant to the exercise of the initial purchasers’ option in full to purchase additional convertible notes.
Whiting has also completed its registered public offering of 35,000,000 shares of its common stock for total net proceeds of approximately $1 billion, after deducting underwriter’s discounts and commissions.
The company will use the net proceeds from these offerings to repay all of the amounts outstanding under its credit agreement and will use the remainder for its general corporate purposes.