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Whiting Petroleum Corp Announces Completion of Offering of $1.9 Billion of Senior Notes Due 2019 and 2021


Thursday, 12 Sep 2013 04:01pm EDT 

Whiting Petroleum Corp announced that it completed a public offering of $1.9 billion aggregate principal amount of senior notes consisting of the following: $1.1 billion of senior notes that mature on March 15, 2019 and bear interest at an annual rate of 5.000%, and $800.0 million of senior notes that mature on March 15, 2021 and bear interest at an annual rate of 5.750%. Whiting received net proceeds of approximately $1.8775 billion from the offering, after deducting the underwriting discount and commissions and estimated expenses of the offering. Whiting expects to use the net proceeds from this offering to repay all of the debt outstanding under Whiting Oil and Gas Corporation`s credit agreement, to fund its $260.0 million acquisition of Williston Basin assets, to retire its $250.0 million of outstanding 7.0% Senior Subordinated Notes due 2014 on or prior to their maturity on February 1, 2014 and for general corporate purposes including capital expenditures. Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and BofA Merrill Lynch acted as the joint book-running managers for the offering. 

Company Quote

78.54
-1.42 -1.78%
11 Jul 2014