This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SandRidge Energy, Inc. Announces Tender Offer And Consent Solicitation For Its Senior Floating Rate Notes Due 2014

OKLAHOMA CITY, Aug. 6, 2012 /PRNewswire/ -- SandRidge Energy, Inc. (NYSE: SD) (the "Company") today announced that it has commenced a cash tender offer (the "Offer") to repurchase any and all of the outstanding $350,000,000 aggregate principal amount of its Senior Floating Rate Notes due 2014 (CUSIP No. 80007PAG4) (the "Notes") and a solicitation of consents to certain proposed amendments to the indenture governing the Notes (the "Proposed Amendments").


The Offer is being made upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated August 6, 2012 (the "Offer to Purchase") and the related Consent and Letter of Transmittal.  The Offer will expire at 11:59 p.m., New York City time, on August 31, 2012, unless extended by the Company in its sole discretion or earlier terminated (the "Expiration Time").  Holders who validly tender their Notes and provide their consents to the Proposed Amendments before 5:00 p.m., New York City time, on August 17, 2012, unless extended by the Company in its sole discretion (the "Consent Expiration"), will be eligible to receive the Total Consideration (as defined below).  The initial settlement date for the Offer will be the business day the Company selects promptly following the Consent Expiration and the satisfaction or waiver of the conditions to consummation of the Offer (the "Initial Settlement Date"), and is currently expected to be August 20, 2012.

As described in more detail in the Offer to Purchase and Consent Solicitation Statement, the total consideration for Notes validly tendered and not validly withdrawn prior to the Consent Expiration is $1002.50 per $1,000 principal amount of Notes tendered (the "Total Consideration"), which includes a consent payment of $30.00 per $1,000 principal amount of Notes (the "Consent Payment").  Holders tendering after the Consent Expiration will not receive the Consent Payment and will be eligible to receive only the "Tender Offer Consideration," which is $972.50 per $1,000 principal amount of Notes tendered.  Holders who validly tender their Notes before the Consent Expiration will be entitled to receive the Total Consideration on the Initial Settlement Date.  Holders who tender their Notes after the Consent Expiration and prior to the Expiration Time will be entitled to receive the Tender Offer Consideration on the Final Settlement Date.  All holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date on their Notes (which was July 1, 2012) up to, but not including, the applicable settlement date. 

In conjunction with the Tender Offer, the Company is soliciting from holders of Notes consents to the Proposed Amendments, which would (i) eliminate almost all of the covenants and certain default provisions applicable to the Notes and (ii) shorten the minimum redemption notice period from 30 days to three days should the Company elect to redeem any outstanding Notes in accordance with the terms of the Indenture.  Adoption of the Proposed Amendments requires the consent of the holders of a majority of the outstanding principal amount of the Notes (the "Requisite Consents").  Each holder tendering Notes will also be deemed to have consented to the Proposed Amendments.  Holders may not deliver consents without also tendering their Notes.  If the Company has received the Requisite Consents, it will execute a supplement to the indenture governing the Notes, that will become effective upon execution by the parties thereto, but will provide that the Proposed Amendments will not become operative until the Company purchases the Notes accepted in the Tender Offer.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.72 -0.56%
FB $119.23 1.20%
GOOG $709.98 1.20%
TSLA $215.20 1.70%
YHOO $37.22 0.76%


Chart of I:DJI
DOW 17,741.66 +80.95 0.46%
S&P 500 2,055.63 +5.00 0.24%
NASDAQ 4,726.64 +9.5460 0.20%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs