Whiting Petroleum Completes $1.9 Bln Senior Notes Offering

(RTTNews) - Whiting Petroleum Corp. (WLL) said Thursday that it has completed a public offering of $1.9 billion aggregate principal amount of senior notes consisting of $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%.

The company received net proceeds of about $1.8775 billion from the offering, after deducting the underwriting discount and commissions and estimated expenses of the offering.

Whiting Petroleum expects to use the net proceeds from the offering to repay all of the debt outstanding under Whiting Oil and Gas Corp.'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.