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.
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by RTT Staff Writer
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