SandRidge Energy to pay down revolver with preferred stock proceeds

By Sara Rosenberg

New York, Nov. 4 - SandRidge Energy Inc. plans to repay a portion of the amount outstanding under its revolving credit facility using proceeds from the sale of 2.5 million shares of its 7% convertible perpetual preferred stock, according to a news release.

The sale generated net proceeds of about $242 million.

Remaining proceeds will be used to purchase additional shares of the company's convertible preferred stock and for general corporate purposes.

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

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