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Kodiak Oil buyout by Whiting triggers change-of-control put option
By Susanna Moon
Chicago, Dec. 8 – Kodiak Oil & Gas (USA) Inc. was acquired by Whiting Petroleum Corp. on Monday, triggering the change-of-control provisions of some series of Kodiak notes.
As a result, the notes are putable at 101 plus accrued interest within 30 days after completion of the merger, according to 8-K filings by the companies with the Securities and Exchange Commission.
As previously announced, Whiting received enough consents to amend the $800 million 8 1/8% senior notes due 2019, $350 million 5½% senior notes due 2021 and $400 million 5½% senior notes due 2022 issued by Kodiak Oil & Gas Corp.
Whiting is an oil and gas company based in Denver. Kodiak is an energy company also based in Denver.
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