OKLAHOMA CITY, Nov. 30, 2020 /PRNewswire/ -- SandRidge Energy,
Inc. (the "Company" or "SandRidge") (NYSE:SD) today announced the
closing of a $30 million credit
facility (the "New Credit Facility").
The New Credit Facility is with affiliates of Icahn Enterprises,
and consists of a $10 million
revolving loan facility and a $20
million term loan facility.
The New Credit Facility replaced the Company's prior credit
agreement ("Prior Credit Facility") which was with a lending
syndicate led by Royal Bank of Canada. The Prior Credit Facility was
terminated effective November 30,
2020 and otherwise would have matured on April 1, 2021.
The New Credit Facility will charge the same interest rate as
the previous facility, however, unlike the old facility it will
have no scheduled borrowing base redeterminations and no longer
charge a commitment fee.
The New Credit Facility matures on November 30, 2023. The Company has the right to
prepay loans under the New Credit Facility at any time without a
prepayment penalty, other than customary "breakage" costs with
respect to LIBOR loans.
The Company's Form 8-K filed on November
30, 2020 provides further details on and includes the full
New Credit Facility agreement as an exhibit.
Carl Giesler, SandRidge's
President and CEO, commented, "We appreciate Icahn Enterprises and
its affiliates working with us to put this facility in place. It
substantially extends our liquidity runway on more efficient
pricing and other terms than we believe we could achieve in the
current oil & gas reserve-based lending market. It also
underscores the benefit of having Icahn Enterprises as a supportive
major shareholder."
About SandRidge Energy, Inc.
SandRidge Energy, Inc.
(NYSE: SD) is an independent oil and gas company engaged in the
development and acquisition of oil and gas properties. Its primary
areas of operation are the Mid-Continent in Oklahoma and Kansas and the North Park Basin in
Colorado. Further information can
be found at www.sandridgeenergy.com.
For further information, please contact:
Investor Relations
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102-6406
(405) 429-5515
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sandridge-energy-inc-announces-closing-of-new-credit-facility-301182000.html
SOURCE SandRidge Energy, Inc.