Published on 9/23/2013 in the Prospect News High Yield Daily.
New Issue: Whiting Petroleum prices $400 million tap of 5¾% notes due 2021 at 101 to yield 5.58%
By Paul A. Harris
Portland, Ore., Sept. 23 - Whiting Petroleum Corp. priced a $400 million add-on to its 5¾% senior notes due March 15, 2021 (Ba2/BB+) at 101.00 to yield 5.58% on Monday, according to a syndicate source.
The reoffer price came at the cheap end of the 101 to 101.25 price talk.
Wells Fargo Securities LLC was the left bookrunner for the quick-to-market add-on. J.P. Morgan Securities LLC and BofA Merrill Lynch were the joint bookrunners.
The independent oil and gas company plans to use the proceeds for general corporate purposes.
| Issuer: | Whiting Petroleum Corp.
|
| Amount: | $400 million
|
| Maturity: | March 15, 2021
|
| Security description: | Add-on to the 5¾% senior notes due March 15, 2021
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch
|
| Senior co-managers: | BBVA Securities Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments, Inc., Capital One Securities Inc., CIBC World Markets Corp., RBC Capital Markets LLC, Mitsubishi UFJ Securities (USA), Inc.
|
| Co-managers: | KeyBanc Capital Markets Inc., RB International Markets (USA) LLC, Scotia Capital (USA) Inc., Santander Investment Securities Inc., Barclays, BOSC Inc., Comerica Securities Inc., Fifth Third Securities Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc.
|
| Coupon: | 5¾%
|
| Price: | 101.00
|
| Yield to worst: | 5.58%
|
| Spread: | 346 bps
|
| Call protection: | Non-callable
|
| Trade date: | Sept. 23
|
| Settlement date: | Sept. 26
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| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 101 to 101.25
|
| Marketing: | Quick to market
|
| Original issue: | $800 million priced at par on Sept. 9, 2013
|
| Fungibility: | Add-on notes will be fungible with the existing notes within 300 days of issuance
|
| Total issue size: | $1.2 million
|
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