Whiting prices $1B aggregate principal amount of convertible senior notes

Whiting Petroleum Corp. (NYSE: WLL) has priced $1 billion aggregate principal amount of 1.25% convertible senior notes due 2020 in a private unregistered offering. The initial purchasers have a 30-day option to purchase up to an additional $250 million aggregate principal amount of convertible senior notes. The convertible senior notes were priced at par. The offering is expected to close on March 27.

Whiting has also priced a 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 underwriter in that offering has a 30-day option to purchase up to an additional 5,250,000 shares of Whiting’s common stock.

Whiting has also priced $750 million aggregate principal amount of 6.25% senior notes due 2023 in a private unregistered offering to eligible purchasers. The notes were priced at par. This offering is expected to close on March 27.

The company also previously announced that it had priced a 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 underwriter in that offering has a 30-day option to purchase up to an additional 5,250,000 shares of Whiting’s common stock.

Whiting also previously announced that it had priced a private unregistered offering of $1 billion aggregate principal amount of 1.25% convertible senior notes due 2020. The initial purchasers in that offering have a 30-day option to purchase up to an additional $250 million aggregate principal amount of convertible senior notes.

Whiting expects to use the net proceeds from the offerings to repay all or a portion of the amount outstanding under its credit agreement and any remainder for general corporate purposes.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...