Exploration & Production | Finance & Investing | Capital Markets
Company Buys $500 Million In Debt For Pennies On the Dollar
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SandRidge Energy, Inc. announced that the Company has entered into privately negotiated purchase and exchange agreements under which it will repurchase $250 millionaggregate principal amount of its senior unsecured notes for $94.5 million cash and exchange $275 million of notes into new convertible notes.
James Bennett, President and CEO, commented, "We are very pleased with the execution of this transaction and its effect on the Company's financial position. This represents a significant first step in reducing SandRidge's debt and improving our balance sheet. In this transaction we addressed $525 million of senior unsecured debt, by repurchasing senior unsecured notes at a substantial discount to face value, also immediately eliminating approximately $19 million in annual interest…
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