Whiting Petroleum issues mandatory conversion of $716.8 million notes

By Marisa Wong

Morgantown, W.Va., Dec. 9 – Whiting Petroleum Corp. said it gave notice to mandatorily convert $716.8 million of outstanding mandatory convertible notes into shares of its common stock on Dec. 19.

Prior to this notice, holders of $4.2 million of outstanding mandatory convertible notes had voluntarily converted their notes into shares of common stock, according to a press release.

As a result of the mandatory conversion and the voluntary conversions, the company will have issued about 77.6 million shares of its common stock to retire all of the following $721 million of mandatory convertible senior notes and mandatory convertible senior subordinated notes:

• $5,975,000 6.5% mandatory convertible senior subordinated notes due 2018;

• $4,651,000 5% mandatory convertible senior notes due 2019;

• $467,789,000 1.25% mandatory convertible senior notes due 2020;

• $125,218,000 5.75% mandatory convertible senior notes due 2021; and

• $117,333,000 6.25% mandatory convertible senior notes due 2023.

Holders of the mandatory convertible notes will also receive accrued interest to the conversion date, the release noted.

Whiting is a Denver-based oil and gas exploration and production company.

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