SandRidge Energy Inc. (NYSE: SD) entered a new $600 million reserve based credit facility with a $425 million borrowing base, effective Feb. 10, the company said Feb. 13.
The refinancing, which amended the terms of the prior facility and increased the commitment from $425 million, also provided a $50 million increase in available cash, eliminated certain negative covenants and provided a maturity date of March 31, 2020.
The company also said that conventional, semiannual borrowing base redeterminations will begin Oct. 1.
The remaining $264 million in outstanding notes will convert into about 14.1 million common shares, increasing the total amount of outstanding shares to about 35.9 million, when the conversion settles. It is expected to settle Feb. 15.
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