Whiting Petroleum Corp. (NYSE: WLL) has provided an update on the results of its offer to purchase for 101% of par, plus accrued and unpaid interest to the payment date, all of the following notes originally issued by Kodiak Oil & Gas Corp.
The original notes include: $800.0 million aggregate principal amount of 8.125% senior notes due 2019, $350.0 million aggregate principal amount of 5.500% senior notes due 2021, and $400.0 million aggregate principal amount of 5.500% senior notes due 2022. Whiting was required to make the offer as a result of its acquisition of Kodiak on Dec. 8, 2014.
Whiting has been advised by the US Bank National Association, the paying agent for the offer, that, as of 5 p.m., New York City time, on March 4, the withdrawal deadline for the offer, holders of $2.5 million of the aggregate principal amount of the 2019 notes, $346.1 million of the aggregate principal amount of the 2021 notes, and $399.4 million of the aggregate principal amount of the 2022 notes had been validly tendered (and not properly withdrawn) pursuant to the terms of the offer. The payment date for the offer will be March 6. Whiting plans to fund the amounts due as a result of the offer with borrowings under its revolving credit facility.