SandRidge Energy Inc. (SD) opened a private offering of $1 billion, in aggregate principal amount, of senior secured notes, the company said May 28.
The notes are due in 2020 and will be secured on a second-lien priority basis.
Their issuance is conditional on the effectiveness of a first-lien revolving credit facility with a $500 million borrowing base.
Net proceeds will repay existing revolving credit facility borrowings and support general corporate purposes.
Oklahoma City-based SandRidge Energy Inc. explores and produces domestic natural gas and oil.
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