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SandRidge gets tenders, consents for 94.26% of floaters by early date
By Susanna Moon
Chicago, Aug. 20 - SandRidge Energy, Inc. said holders tendered $329.9 million, or 94.26%, of the outstanding $350 million principal amount of its senior floating-rate notes due 2014 by the consent deadline of 5 p.m. ET on Aug. 17.
After having received the needed consents, the company will execute a supplemental indenture to amend the notes to eliminate almost all of the covenants and default provisions as well as to shorten the minimum redemption notice period to three days from 30 days, according to a company press release.
The supplemental indenture will become operative when the company purchases the tendered notes on Aug. 30.
As previously noted, the total purchase price is $1,002.50 per $1,000 principal amount of notes tendered by the consent date. The total purchase price includes a consent payment of $30.00 per $1,000 principal amount.
Holders who tender after the consent date will receive the base payment of $972.50 per $1,000 principal amount.
The company also will pay accrued interest to but excluding the settlement date.
The offer will end at 11:59 p.m. ET on Aug. 31. The offer began on Aug. 6.
In order to amend the notes, the company needed to get the consent of holders of a majority of the outstanding notes. Holders tendering notes were deemed to have consented to the proposed amendments. Holders could not deliver consents without also tendering their notes.
Tendered notes may no longer be withdrawn.
The offer is conditioned on completion of a capital markets debt offering with enough proceeds to fund the offer and execution of a supplemental indenture effecting the amendments.
Global Bondholder Services Corp. (866 470-3800 or for banks and brokers 212 430-3774) is the depositary and information agent. Barclays (800 438-3242 or collect 212 528-7581) is the dealer manager and solicitation agent.
The issuer is an Oklahoma City-based oil and natural gas company.
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