Finance & Investing | Fundraising | Capital Markets
Whiting Wraps Up $3.0 Billion Senior Note Offering
Print
|
Whiting Petroleum Corporation has completed its previously announced 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 also announced by separate press release that it completed its previously announced registered public offering of 35,000,000 shares of its common stock for total net proceeds of approximately $1.0 billion, after deducting underwriter’s discounts and commissions.
Whiting received approximately $3.0 billion in aggregate net proceeds from the offerings. Whiting used the net proceeds from the offerings to repay all of the amounts outstanding under its credit agreement and will use the remainder for its general corporate purposes.
Prior to January 1, 2020, the convertible notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date of the convertible notes. The convertible notes will be convertible at an initial conversion rate of 25.6410 shares of Whiting’s common stock per $1,000 principal amount of the convertible notes. Upon conversion, Whiting may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election.