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Whiting Petroleum to launch offerings for 35M shares, $1B in senior notes

Mar. 23, 2015 5:37 PM ETChord Energy Corporation (CHRD) StockBy: Carl Surran, SA News Editor47 Comments
  • Whiting Petroleum (NYSE:WLL) -10.8% AH after announcing a public offering of 35M common shares, with an underwriters option to purchase up to an additional 5.25M shares; WLL also announces private offerings of $1B of convertible senior notes due 2020 and $750M of senior notes due 2023.
  • WLL says it expects to use the proceeds from the offerings to repay all or part of the amount outstanding under its credit agreement and any remainder for general corporate purposes.
  • The offerings may signal the company is not seeking to sell itself outright, as the cost of an acquisition would rise dramatically.

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