SandRidge Energy ups facility to $2 billion, extends maturity to 2019

By Tali Rackner

Norfolk, Va., Oct. 22 – SandRidge Energy, Inc. increased the borrowing base and extended the maturity of its senior credit facility, according to a press release.

The new agreement, which matures on Oct. 22, 2019, has a maximum facility size of $2 billion and an initial borrowing base of $1.2 billion. Due to its current liquidity position and hedging program, the company has initially set a facility limit of $900 million, which can be expanded up to the $1.2 billion borrowing base.

The new terms represent a $425 million increase in borrowing base capacity, a $125 million increase in currently available liquidity and a 25 basis point reduction in drawn borrowing costs.

Bank of America NA acted as the administrative agent and is joined by six other lead banks: Barclays, Capital One, Royal Bank of Canada, SunTrust Bank, Union Bank NA and Wells Fargo Bank NA.

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

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