Whiting Petroleum refinances via $1.5 billion draw under loan facility

By Susanna Moon

Chicago, Dec. 8 – Whiting Petroleum Corp. drew $1.5 billion under its credit agreement to repay debt on Monday under Kodiak Oil & Gas Corp.’s and Whiting’s previous credit agreements, according to an 8-K filing with the Securities and Exchange Commission.

After the drawdown Monday, there is about $2 billion of borrowing capacity remaining.

JPMorgan Chase Bank, NA is the administrative agent.

The company’s credit agreement, which replaces its previous agreement, became effective on Monday after Kodiak was acquired by Whiting and became a wholly owned subsidiary of the company.

Kodiak terminated its amended credit agreement with Wells Fargo Bank, NA on Monday.

Whiting is an oil and gas company based in Denver. Kodiak is an energy company also based in Denver.

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