SandRidge to pay down credit facility debt with common units proceeds

By Sara Rosenberg

New York, Jan. 5 - SandRidge Energy Inc. plans on repaying bank borrowings using funds from an initial public offering of 12.5 million common units by SandRidge Mississippian Trust I, according to an S-1 filed with the Securities and Exchange Commission on Wednesday.

Remaining proceeds will be used by SandRidge Energy for general corporate purposes, which may include the funding of drilling obligations.

SandRidge Energy is an Okalahoma City-based oil and natural gas company. SandRidge Mississippian Trust is an Austin, Texas-based trust formed in December to own royalty interests to be conveyed by SandRidge Energy in 37 horizontal wells and royalty interests in 123 horizontal development wells.

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