SandRidge closes notes offering, restates revolving bank credit facility

SandRidge Energy Inc. (NYSE: SD) has closed its private offering of $1.25 billion in aggregate principal amount of senior secured notes due 2020. The notes were issued at par and bear interest at a rate of 8.75% per annum. 

The notes are secured on a second-lien priority basis and guaranteed by each of SandRidge's subsidiaries that guarantee the company's revolving credit facility. In addition, the company's amended and restated first-lien revolving bank credit facility with an initial $500 million borrowing base became effective June 10.

SandRidge used a portion of the net proceeds from the offering of the notes to repay all borrowings under its existing revolving credit facility and will use the remainder for general corporate purposes.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...