Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

3/22/2012 7:52 PM ET

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.

Click here to receive FREE breaking news email alerts for Whiting Petroleum and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After moving mostly higher in early trading on Wednesday, stocks have continued to perform well over the course of the session. While buying interest has waned since then open, the markets have maintained a positive bias on the day. Industrial production in the U.S. rose by more than expected in the month of March, the Federal Reserve revealed in a report on Wednesday, with the report also showing a notable upward revision to the pace of production growth in the previous month. The report said industrial production increased by 0.7 percent in March after surging up by an upwardly revised 1.2 percent in February. Housing starts in the U.S. showed a notable increase in the month of March, according to a report released by the Commerce Department on Wednesday, although starts still came in well below economist estimates. The report showed that housing starts climbed 2.8 percent to an annual rate of 946,000 in March from the revised February estimate of 920,000.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.