New Issue: SandRidge prices $750 million 10.5-year notes at par to yield 8 1/8%

By Paul A. Harris

Portland, Ore., April 2 - SandRidge Energy, Inc. priced a $750 million issue of 10.5-year senior notes (B3/B/) at par to yield 8 1/8% on Monday, according to a syndicate source.

The yield printed on top of the yield talk.

Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. and RBS Securities Inc. were the joint bookrunners for the quick-to-market issue.

The Oklahoma City-based oil and natural gas company plans to use the proceeds, along with 74 million shares of common stock, to acquire Dynamic Offshore Resources, LLC.

Issuer:	SandRidge Energy, Inc.
Amount:	$750 million
Maturity:	Oct. 15, 2022
Securities:	Senior notes
Bookrunners:	Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc., RBS Securities Inc.
Co-managers:	Barclays Capital Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA), Inc.
Coupon:	8 1/8%
Price:	Par
Yield:	8 1/8%
Spread:	596 bps
Call features:	Make-whole call at Treasuries plus 50 bps until April 15, 2017, then callable at 104.063, 102.708, 101.354, par on and after April 15, 2020
Equity clawback:	35% at 108.125 until April 15, 2015
Trade date:	April 2
Settlement date:	April 17
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	8 1/8% area
Marketing:	Quick to market

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