Whiting Petroleum completed its public offering of 3,450,000 shares of 6.25% convertible perpetual preferred stock at a price of $100.00 per share to the public. The number of shares sold included the sale of 450,000 shares pursuant to the full exercise of the underwriters' over-allotment option. Each share of convertible perpetual preferred stock has a liquidation preference of $100 per share and is convertible, at a holder's option, initially into 2.3033 shares of Whiting's common stock based on an initial conversion price of $43.4163 per share of Whiting's common stock, in each case subject to adjustments. The shares of convertible preferred stock trade on the NYSE under the symbol "WLL PrA."
Whiting received net proceeds of approximately $334.2 million, after deducting underwriting discounts and commissions and estimated expenses of the offering. Whiting used all of the net proceeds that it received from the offering to repay a portion of the debt currently outstanding under its credit agreement. The amounts repaid under the credit agreement are available for Whiting to reborrow in the future.
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