SandRidge amends loan, revising pricing, increasing LoC sublimits

By Sara Rosenberg

New York, April 21 - SandRidge Energy Inc. amended its credit facility, changing pricing and increasing the letter-of-credit sublimit and the swingline sublimit by $25 million each, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Pricing on the facility can now range from Libor plus 200 basis points to 300 bps based on use and there is a 50 bps commitment fee.

Bank of America is the administrative agent on the deal.

The amendment was completed on April 17.

In addition, the company's borrowing base was reaffirmed at $1.095 billion and the commitment was reaffirmed at $1.75 billion.

SandRidge is an Oklahoma City-based oil and gas company.

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