By Paul A. Harris
Portland, Ore., Dec. 12 – Whiting Petroleum Corp. priced an upsized $1 billion issue of eight-year senior bullet notes (B3/BB-) at par to yield 6 5/8% in a quick-to-market Tuesday trade, according to a market source.
The issue size was increased from $750 million.
The yield printed at the tight end of yield talk in the 6¾% area.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC and Citigroup Global Markets Inc. were the joint bookrunners.
The Denver-based oil and gas exploration and production company plans to use the proceeds, together with borrowings under the Whiting Oil and Gas Corp. credit agreement, to redeem all of its 5% senior notes due 2019.
| Issuer: | Whiting Petroleum Corp.
|
| Amount: | $1 billion, increased from $750 million
|
| Maturity: | Jan. 15, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc.
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 426 bps
|
| Call protection: | Non-callable
|
| Trade date: | Dec. 12
|
| Settlement date: | Dec. 27
|
| Ratings: | Moody's: B3
|
| S&P: BB-
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 6¾% area
|
| Marketing: | Quick to market
|
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