SandRidge Energy defers interest due on 7˝% notes, 7.5% convertibles

By Susanna Moon

Chicago, Feb. 17 – SandRidge Energy, Inc. said it deferred making about $21.7 million of interest payments due Feb. 16 on its $543.6 million principal amount of 7˝% senior notes due 2023 and its $46.9 million principal amount of 7.5% senior convertible notes due 2023.

SandRidge has enough liquidity to make the interest payments but has chosen to use the 30-day grace period because of its discussions with stakeholders, according to a company press release.

“With a strong cash balance, we will continue operations without interruption, including paying employees, vendors and service providers,” James Bennett, SandRidge president and chief executive officer, said in the press release.

“Today’s actions will preserve liquidity and flexibility as we continue to engage in constructive dialogue with our stakeholders.”

SandRidge is an oil and natural gas company based in Oklahoma City.

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