New Issue-Sandridge Energy sells $365.5 mln in 7-yr sr notes

Mon May 11, 2009 11:27pm BST
[-] Text [+]
  May 11 (Reuters) - Oil and gas company Sandridge Energy Inc (SD.N: Quote, Profile, Research) on Monday sold $365.5 million of seven-year senior notes in the 144a private placement market, said IFR, a Thomson Reute
536870914
1920147571
  The size of the deal was increased from an originally planned $300 million.
  Barclays, Bank of America, JP Morgan, Royal Bank of Canada, and Royal Bank of Scotland were the joint bookrunning managers
for the sale.
BORROWER: SANDRIDGE ENERGY INC
AMT $365.5 MLN*  COUPON 9.875 PCT    MATURITY 5/15/2016  
TYPE SR NOTES    ISS PRICE 95.773    FIRST PAY 11/15/2009
MOODY'S B3       YIELD 10.75 PCT     SETTLEMENT 5/14/2009
S&P B-MINUS      SPREAD 809 BPS/     PAY FREQ SEMI-ANNUAL
FITCH N/A         MORE THAN TREAS    NON-CALLABLE 4-YEARS**
* FACE AMT:$365.5 MLN. PROCEEDS:$350.050 MLN.
** NON-CALLABLE 4-YRS THEN AT 104.938, 102.469, 100.
EQUITY CLAW: 3YR 35% AT 109.875.

 
 
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