Whiting closes buy of Kodiak Oil & Gas

摘要

Whiting Petroleum Corp. (NYSE: WLL) has closed its $6 billion acquisition of Kodiak Oil & Gas Corp. (NYSE: KOG), making Whiting the de facto big boy on the Bakken/Three Forks block. While the deal is done, the paying isn't. Whiting upped its borrowing base by $1 billion out of caution that some of Kodiak's bonds might require repayment. While Whiting bought Kodiak through an all-stock transaction, Kodiak carried with it some significant debt: $1.55 billion of unsecured bonds.