It looks like we have more offerings coming to market, or at least more and more are being contemplated. Whiting Petroleum Corporation (NYSE: WLL) announced that its secondary offering for 8 million shares of common stock was priced at $29.00 per share.
Merrill Lynch & Co. is the book-running manager, and they weregranted a 30-day overallotment option to purchase an additional 1.2million shares.
Whiting sees the net proceeds at roughly $222.2 million afterdiscounts, commissions, and expenses. The company intends totemporarily reduce amounts outstanding under its credit facility and toincrease its 2009 base capital budget to develop incrementalopportunities it has identified in the Northern and Central Rockies.But the company can also either further develop these incrementalprojects or it can expand previously announced projects under the 2009base capital budget.
This looks like it is at no discount on the surface since it closed at$29.14, but this was anticipated to be coming at the end of this weekor the start of next. Shares closed down 7% at $29.14 today, andshares were at $36.00 on Monday before the intent to offer the stockwas announced.
Jon C. Ogg
January 29, 2009
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
