SandRidge Energy draws remaining $488.9 million under credit facility

By Marisa Wong

Morgantown, W.Va., Jan. 25 – SandRidge Energy, Inc. borrowed $488.9 million under its fourth amended and restated credit agreement dated June 10, 2015 with Royal Bank of Canada as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The drawdown represents the remaining undrawn amount that was available under the credit facility. These funds are intended to be used for general corporate purposes.

As of Jan. 22, the aggregate principal amount of borrowings under the facility is $499.95 million, including $11.05 million of outstanding letters of credit, and the company’s cash balance was roughly $855 million.

The latest borrowings bear interest at the base rate, which is the highest of (i) the Federal Funds rate plus 50 basis points, (ii) the Prime rate or (iii) one-month Libor plus 100 bps, plus an applicable margin between 75 bps and 175 bps.

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

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