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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SandRidge Energy Inc | NYSE:SD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.16 | 1.18% | 13.76 | 13.725 | 13.49 | 13.69 | 237,615 | 01:00:00 |
OKLAHOMA CITY, Feb. 13, 2017 /PRNewswire/ -- SandRidge Energy, Inc. (NYSE: SD) today announced that it has entered into a new $600 million reserve based credit facility with a $425 million borrowing base (the "Refinancing") effective February 10, 2017.
The Refinancing amended the terms of the prior credit facility and provides the Company with, among other things:
Conversion of Mandatorily Convertible Notes
The Company also announced that the Refinancing triggered a mandatory conversion under the terms of the Company's indenture governing the 0.00% convertible senior subordinated notes due 2020 (the "Notes"). Upon settlement of the mandatory conversion, the remaining $264 million principal amount of outstanding Notes will convert into approximately 14.1 million shares of the Company's common stock, bringing the total amount of shares outstanding to approximately 35.9 million shares. Settlement is expected to occur on February 15, 2017.
Additional information regarding the new credit facility and its terms is contained in a Current Report on Form 8-K filed with the Securities and Exchange Commission on February 13, 2017.
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and Niobrara Shale.
CONTACT:
Duane M. Grubert
EVP – Investor Relations and Strategy
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sandridge-energy-inc-announces-new-600-million-reserve-based-credit-facility-with-425-million-borrowing-base-and-conversion-of-its-264-million-mandatorily-convertible-notes-300406007.html
SOURCE SandRidge Energy, Inc.
Copyright 2017 PR Newswire
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