| 2016-10-04 15:06:46|
SD, SDOC 15:06 10/04 10/04/16
SandRidge Energy relisted on NYSE, resumes trading under ticker 'SD'
SandRidge Energy announced it has emerged from Chapter 11, having satisfied all the necessary provisions of its Plan of Reorganization. SandRidge received approval to relist on the New York Stock Exchange in conjunction with its emergence and resumed trading of newly issued common stock on October 4, under the ticker symbol "SD". Combining its unrestricted cash balance with the availability under its first lien credit facility following emergence, SandRidge exits its restructuring with approximately $525M in total liquidity. SandRidge's new capital structure consists of a $425M first lien revolving credit facility, maturing in 2020, and approximately $282M in mandatorily convertible notes, bearing no interest and converting at any time at the option of the holders or mandatorily at the earlier of certain events or four years from the effective date of the Plan. As previously disclosed, SandRidge's pre-petition second lien secured and general unsecured claim holders receive 100% of the newly issued common equity in the reorganized company. In accordance with the Plan, approximately $3.7B in pre-petition funded debt has been eliminated, in large part, through the equitization of debt. Pursuant to the Plan, SandRidge has appointed a new Board of Directors effective today. The new Board of Directors consists of five members including: James Bennett, Michael Bennett, John Genova, William Griffin, and David Kornder.