logo
Share SHARE
FONT-SIZE Plus   Neg

Whiting Petroleum Prices IPO Of 16 Mln Units In Whiting USA Trust II

Whiting Petroleum Corp. (WLL: Quote) announced that it priced the initial public offering of 16 million units of beneficial interest in Whiting USA Trust II at $20.00 per trust unit to the public. The trust units will trade on the NYSE under the symbol WHZ. The company expects to close the initial public offering on March 28, 2012.

Whiting Petroleum Corporation has granted to the underwriters an option to purchase up to 2.4 million additional trust units at the same price per trust unit to cover any over-allotments. Assuming no exercise of the over-allotment option, Whiting Petroleum Corporation expects to receive net proceeds from this offering of about $296.8 million. Whiting Petroleum Corporation intends to use the net proceeds from this offering to repay a portion of the debt outstanding under its credit agreement.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
If calories are not reduced, exercise alone can have no effect on obesity, says British Sports Medicine, a peer-reviewed journal of sport and exercise medicine. The journal says the blame for expanding waist lines is directly on the type and amount of calories consumed and the poor diet generates more disease than physical inactivity, alcohol and smoking combined. Deutsche Bank (DB) on Sunday reported an about 50 percent decline in first-quarter profit, despite clocking double-digit revenue growth, as the German lender recorded hefty legal charges over allegations of rate-rigging. Casino operator Wynn Resorts said its shareholders ousted Elaine Wynn from the board, reflecting fears that her presence may lead to disharmony with the management.
comments powered by Disqus
RELATED NEWS
Trade WLL now with 
Follow RTT