logo
Share SHARE
FONT-SIZE Plus   Neg

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

Whiting Petroleum Corp. (WLL) 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
Google is planning to significantly expand a carpool service on its navigational app Waze, according to a report in the Wall Street Journal. The move indicates the company is edging closer to a potential clash with ride-hailing service Uber Technologies Inc. Private equity firm Sycamore Partners has won the bankruptcy auction for the e-commerce business and intellectual property of U.S. women's apparel retailer The Limited with a bid of $26.8 million, Reuters reported, citing people familiar with the matter. A U.S. bankruptcy court judge must now approve the sale to Sycamore Partners. French telecommunications operator Orange SA reported Thursday higher net profit in its fiscal year 2016 mainly on income from discontinued operations. Operating income, meanwhile, declined, despite increased revenues. For fiscal 2017, the company projects higher adjusted EBITDA, a key earnings metric.
comments powered by Disqus
Follow RTT