SandRidge Energy plans to repay revolver using funds from new notes

By Marisa Wong

Madison, Wis., May 28 – SandRidge Energy, Inc. said it intends to repay borrowings under its existing revolving credit facility using proceeds from an offering of senior secured notes.

The company announced on Thursday that it plans to issue $1 billion of notes due 2020.

The issuance is conditioned on the effectiveness of a fully committed revised $500 million borrowing base first-lien revolving credit facility, according to a press release.

The oil and gas exploration and production company is based in Oklahoma City.

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