New Issue: Whiting Petroleum prices $750 million eight-year bullet notes at par to yield 6¼%

By Paul A. Harris

Portland, Ore., March 24 – Whiting Petroleum Corp. priced a $750 million issue of non-callable eight-year senior notes (Ba2/BB) at par to yield 6¼% on Tuesday, according to a market source.

The yield printed 12.5 basis points beyond the wide end of yield talk in the 6% area.

J.P. Morgan Securities, BofA Merrill Lynch, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the joint bookrunners.

The Denver-based energy company plans to use the proceeds, along with proceeds from offerings of stock and convertible securities, to repay all or a portion of the amount outstanding under the company’s credit agreement, with any remainder for general corporate purposes.

Issuer:	Whiting Petroleum Corp.
Amount:	$750 million
Maturity:	April 1, 2023
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
Co-managers:	ABN Amro, Capital One South Coast, CIBC World Markets, KeyBanc Capital Markets, MUFG, RBC Capital Markets, Santander, Scotia Capital, BB&T, BOSC, Comerica, Fifth Third Bank, HSBC, Natixis, Regions, Raymond James
Coupon:	6¼%
Price:	Par
Yield:	6¼%
Spread:	451 bps
Call protection:	Par call three months prior to maturity, otherwise non-callable
Trade date:	March 24
Settlement date:	March 27
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6% area
Marketing:	Quick to market

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