OREANDA-NEWS. October 05, 2016. SandRidge Energy, Inc. ("SandRidge" or the "Company") (NYSE: SD) today announced it has emerged from Chapter 11, having satisfied all the necessary provisions of its Plan of Reorganization (the "Plan"). 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, 2016, 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 \\$525 million in total liquidity. 

New Capital Structure Summary

SandRidge's new capital structure consists of a \\$425 million first lien revolving credit facility ("RBL") (maturing in 2020) and approximately \\$282 million 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. A summary of the Company's new capital structure is presented below:

Unrestricted Cash

New Revolving Credit Facility

Mandatorily Convertible Notes

Building Note

Common Equity

Warrants

 

Pro Forma Capital Structure Details

In accordance with the Plan, approximately \\$3.7 billion in pre-petition funded debt has been eliminated, in large part, through the equitization of debt. Details of the Company's pro forma capital structure and liquidity are outlined here below:

New Board of Directors

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 (Bill) Griffin, and David Kornder.

Listing on the NYSE

In connection with its emergence, SandRidge also received approval from the New York Stock Exchange ("NYSE") for its common stock to be listed for trading on the NYSE.  The common stock began trading on the NYSE on October 4, 2016.  The trading symbol for the common stock is "SD," which is the same trading symbol used for the Company's common stock when it previously was listed on the NYSE.  In connection with its application to list on the NYSE, the Company relied on adjustments to its historical financial data, which were included in its application and are available to the public upon request.

Details of the restructuring, the securities issued pursuant to the Plan and the debt and other agreements entered into as part of the Plan will be provided in a Form 8-K and other filings filed or to be filed with the Security and Exchange Commission. You can get these documents for free by visiting EDGAR at the SEC website at www.sec.gov.

In addition, court filings and other documents related to the restructuring are available on a separate website administered by the Company's claims agent, Prime Clerk, at https://cases.primeclerk.com/sandridge.

About SandRidge Energy, Inc.

SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and Niobrara Shale.