OKLAHOMA CITY, May 28, 2015 /PRNewswire/ -- SandRidge Energy,
Inc. (the "Company") (NYSE: SD) has priced its previously announced
private offering of $1 billion in
aggregate principal amount of senior secured notes due 2020 (the
"Notes"). The offering size was increased to $1.25 billion from $1.0
billion. The Notes will bear interest at a rate of
8.75% per annum and will be issued at par. The Notes
will be secured on a second lien priority basis and guaranteed by
each of the Company's subsidiaries that guarantee the
Company's revolving credit facility. The issuance of the Notes
and the effectiveness of the Company's revised fully-committed
$500 million borrowing base
first-lien revolving credit facility, which are mutually
conditioned on each other, are expected to close on June 10, 2015, subject to customary closing
conditions.
The Company intends to use a portion of the net proceeds from
this offering to repay all borrowings under its existing revolving
credit facility and for general corporate purposes.
The Notes and related guarantees are being offered by the
Company only to qualified institutional buyers under Rule 144A of
the Securities Act of 1933, as amended (the "Securities Act"), and
to non-U.S. persons in transactions outside the United States under Regulation S of the
Securities Act. The Notes will not be registered under the
Securities Act, or any state securities laws and, unless so
registered, may not be offered or sold in the United States except pursuant to an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
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
Mid-Continent region of the United
States. In addition, SandRidge owns and operates a saltwater
gathering and disposal system and a drilling rig and related oil
field services business.
CONTACT:
Duane Grubert
EVP – Investor Relations & Strategy
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
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SOURCE SandRidge Energy, Inc.