Rating Agency Brilliance in Action Again: Whiting Petroleum Buying Back Bonds

S&P Yesterday had some bad things to say about Whiting Petroleum and cut its outlook on the name. Well, hopefully you are not a manager who buys and sell based on what those rockets scientists have to say (i.e. a mutual fund): today the company announced it is issuing 8 million shares of stock, which incidentally sent the stock plunging by 10%, in order to pay back a portion of its $620 million total in outstanding debt. Obviously, the bonds have been running today, and the benchmark 7.25% Notes due 5/2013 are now bid up 5 points higher from yesterday at 82. Sphere: Related Content

Bookmark this post with:

• 
• 
• 
• 
• 
• 
• 
• 
•