DENVER–(BUSINESS WIRE)–Whiting Petroleum Corporation (NYSE: WLL) today announced that it completed its previously announced private unregistered offering to eligible purchasers of $1.0 billion aggregate principal amount of 6.625% senior notes due 2026 (the “notes”).
Whiting received approximately $987.5 million in aggregate net proceeds from the sale of the notes. Whiting expects to use the net proceeds from the sale of the notes to redeem all of its 5.000% senior notes due 2019 (the “2019 Notes”) and pay related fees and expenses, including the redemption premium and accrued interest on the 2019 Notes. In connection with the closing of the sale of the notes, Whiting irrevocably provided notice to the trustee of the indenture governing the 2019 Notes to redeem the 2019 Notes on January 26, 2018.
The offering was made only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in compliance with Regulation S under the Securities Act. The notes have not been registered under the Securities Act and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.