SandRidge Zips Up $1.25 Billion Private Offering
SandRidge Energy, Inc. has closed its previously announced private offering of$1.25 billion in aggregate principal amount of senior secured notes due 2020.
The Notes were issued at par and bear interest at a rate of 8.75% per annum. The Notes are secured on a second-lien priority basis and guaranteed by each of the Company's subsidiaries that guarantee the Company's revolving credit facility. In addition, the Company's previously announced amended and restated first-lien revolving bank credit facility with an initial $500 millionborrowing base became effective today.
The Company used a portion of the net proceeds from the offering of the Notes to repay all borrowings under its existing revolving credit facility and will use the remainder for general corporate purposes.
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