Debt | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit
Sandridge Energy Exits Bankruptcy, Armed With $425 Million Loan
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SandRidge Energy is reporting that the company has fully satisfied its Re-org plan. The company has resumed trading on the NYSE under SD.
New Capital
SandRidge's new capital structure consists of a $425 million first lien revolving credit facility which matures in 2020.
As previously disclosed, SandRidge's pre-petition second lien secured and general unsecured claim holders receive 100% of the newly issued common equity in the reorganized company.
New Revolving Credit Facility
- $425 million borrowing base
- Undrawn (after expected post-emergence repayment with cash on hand)1
- No financial covenants or borrowing base redeterminations for two years
Operations.
The company is currently operating One (1) rig in ALFALFA county, Ok where its drilling the mississippian Lime play.
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