SandRidge greenshoe exercised, raising convertibles to $300 million

New York, Nov. 9 - SandRidge Energy Inc. said the underwriters of its offering of convertible perpetual preferred stock exercised the $50 million greenshoe in full, raising the size to $300 million.

The company originally priced $250 million of the securities after the market close Thursday with a dividend of 7% and an initial conversion premium of 32.5%.

The Rule 144A deal was sold via joint bookrunners Deutsche Bank Securities Inc. and Tudor, Pickering and Holt.

The preferred shares, with a $100 par, are convertible after five years, at which time SandRidge can force conversion if its shares exceed 130% of conversion.

Proceeds will be used for general corporate purposes, including repaying a portion of its revolving credit facility and to fund capital expenditures.

SandRidge is an Oklahoma City-based oil and gas company.

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