Finance & Investing | Debt | Financial Trouble | Capital Markets
Sandridge Defers Interest Payment on $590MM Debt
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SandRidge Energy, Inc. has announced that it elected to exercise its grace period and defer making approximately $21.7 million in interest payments due February 16, 2016, on its outstanding $543.6 million principal amount of 7.5% senior notes due 2023 and its outstanding $46.9 million principal amount of 7.5% senior convertible notes due 2023.
Snapshot of Sandridge and other highly leveraged companies
The Company has sufficient liquidity to make these interest payments, but has elected to use the 30-day grace period in connection with its ongoing discussions with stakeholders. Entry into the grace period does not constitute an event of default under the indenture governing the notes.
Sandridge recently tapped its entire credit limit following a delisting from the NYSE.
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