Whiting USA Trust II (WHZ) IPO Opens Higher

March 23, 2012 9:42 AM EDT
The IPO for Whiting USA Trust II (NYSE: WHZ) is open for trading. Units are trading at $21.85 after pricing 16,000,000 units at $20.

The offering was led by Raymond James and Morgan Stanley.

Whiting USA Trust II was formed in December 2011 by Whiting Petroleum Corporation (NYSE: WLL) to own a term net profits interest in certain long-lived, predominantly producing properties located primarily in the Rocky Mountains, Permian Basin, Gulf Coast and Mid-Continent regions of the United States. The net profits interest will entitle the trust to receive 90% of the net proceeds (calculated as described below) from Whiting’s interests in the underlying properties after the effective date of the conveyance of the net profits interest to the trust. The trust will make quarterly cash distributions of substantially all of its quarterly cash receipts of net proceeds attributable to the trust, after deduction of fees and expenses for administration of the trust, to holders of its trust units during the term of the net profits interest.

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