SandRidge Energy talks $500 million 10-year notes at 8%-8 1/8%

By Paul A. Harris

St. Louis, May 14 - SandRidge Energy, Inc. set price talk for its $500 million offering of 10-year senior notes (existing B3/confirmed B) at 8% to 8 1/8% on Wednesday, according to an informed source.

Pricing is set for Thursday.

Banc of America Securities LLC, Barclays Capital and J.P. Morgan Securities Inc. are joint bookrunners for the Rule 144A with registration rights offering. Deutsche Bank Securities, Lehman Brothers and Morgan Stanley are senior co-managers. BNP Paribas, Calyon Securities, Fortis Capital, RBS Greenwich Capital and Wells Fargo Securities are co-managers.

The notes come with five years of call protection.

Proceeds will be used to repay revolver debt, with remaining proceeds, if any, to fund capital expenditures for 2008.

The issuer is an Oklahoma City-based oil and natural gas company.

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