Debt | Financial Trouble | Capital Markets | Credit Facility Change
Sandridge Draws Down Entire Credit Line; $489 Million
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SandRidge Energy Inc. said Monday it had hired financial advisers to explore a possible restructuring.
The company also said it drew down the remaining $489 million from a $500 million line of credit that will be used for "general corporate purposes."
SandRidge spokesman David Kimmel said fully drawing down on the revolving credit facility ensures all its possible liquidity is available to the company. Including the new draw-down, SandRidge has about $855 million in cash.
"Our cash is a valuable asset, and in this volatile market having guaranteed liquidity provides the maximum operation and financial flexibility to SandRidge," Kimmel said.
The company hired Kirkland & Ellis LLP as legal adviser and Houlihan Lokey Inc. as financial adviser to help with "analyzing and considering…
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