|
Whiting Petroleum Corp., 6.25% Convertible Perpetual Preferred Stock
Ticker Symbol: WLL-A* CUSIP: 966387201 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/27/2013
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: Whiting Petroleum Corp., 6.25% Convertible Perpetual Preferred Stock, liquidation preference $100 per share, not redeemable at the issuer's option at any time, and with no stated maturity. Distributions of 6.25% ($6.25) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-49 of the prospectus for further information). The preferred shares are convertible any time at the holder's option into 2.3033 common shares of Whiting Petroleum Corp. (NYSE: WLL), an initial conversion price of $43.4163 per common share. On or after 6/15/2013, if the price of the common stock exceeds 120% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Stock
Exchange |
Cpn Rate
Ann Amt |
LiqPref
CallPrice |
Call Date
Matur Date |
Moodys/S&P
Dated |
Conv Shrs
Conv Price |
Distribution Dates |
15%
Tax Rate |
NYSE
Chart
|
6.25%
$6.25
|
$100.00
$100.00
|
6/15/2013
None
|
Ba3
BB+
7/25/2013
|
2.3033
$43.4163
|
3/15, 6/15, 9/15 & 12/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
|
YES
|
Go to Parent Company's Record (WLL)
Notes: Jun. 17, 2013-- Whiting Petroleum Corporation (NYSE: WLL) announced today that it is exercising its right to convert all outstanding shares of its 6.25% convertible perpetual preferred stock (NYSE: WLLPrA) into shares of the Company's common stock effective as of 5:00 p.m. Eastern Time on June 27, 2013. The preferred stock contains provisions that allow Whiting to mandatorily convert the preferred stock into common stock after June 15, 2013 if the common stock closes above $26.05 per share for at least 20 trading days in a period of 30 consecutive trading days, which was satisfied at the close of trading on the New York Stock Exchange on June 14, 2013. Each share of preferred stock has a liquidation preference of $100.00 per share and converts into shares of common stock based on the current conversion price of $21.70815, which equates to approximately 4.6066 shares of common stock for each share of preferred stock.
|
IPO - 6/18/2009 - 3.00 Million Shares @ $100.00/share.
Link to IPO Prospectus
Market Value $300.0 Million
|
Company's Online Information Links
|
| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1700 Broadway, Suite 2300, Denver, CO 80290 |
| Main Phone Number |
303-837-1661 |
| Fax Number |
303-861-4023 |
| Investor Relations
John Kelso
|
303-837-1661
|
Toll Free Phone Number |
Unknown |
| CEO - James J. Volker |
CFO - Michael J. Stevens |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|
