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Whiting files to exchange $1B of unregistered notes for new, registered notes

Whiting Petroleum Corp. is offering to exchange all of its outstanding unregistered 6.625% senior notes due 2026 issued Dec. 27, 2017, totaling $1.0 billion, for its new and registered 6.625% senior notes due 2026, according to a May 25 prospectus.

The company proposed a 100% maximum offering price per unit. All of the outstanding original notes that are validly tendered and not validly withdrawn will automatically be exchanged, according to the company. Whiting Petroleum will not be receiving any proceeds from the exchange offer.

The expiration of the exchange offer, at the time of the company's filing, is undisclosed.