SandRidge Energy announces mandatory conversion of 0% notes due 2020

By Tali Rackner

Norfolk, Va., Feb. 13 – SandRidge Energy, Inc. announced a mandatory conversion of its 0% convertible senior subordinated notes due 2020, according to a press release.

At settlement, the remaining $264 million principal amount of the outstanding notes will convert into roughly 14.1 million shares of the company’s common stock, bringing the total amount of shares outstanding to about 35.9 million shares.

Settlement is planned for Feb. 15.

The mandatory conversion was triggered by a newly refinanced $600 million reserve-based credit facility, effective Feb. 10.

SandRidge is an oil and natural gas company based in Oklahoma City. It emerged from Chapter 11 bankruptcy on Oct. 4.

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