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|SandRidge Energy, Inc. Announces Successful Results for Its Cash Tender Offer and Related Consent Solicitation for Its Senior Floating Rate Notes due 2014|
Having received the requisite consents, the Company intends to execute later today a supplement to the indenture governing the Notes (the "Supplemental Indenture"), which will (i) eliminate almost all of the covenants and certain default provisions applicable to the Notes and (ii) shorten the minimum redemption notice period from 30 days to three days should the Company elect to redeem any outstanding Notes in accordance with the terms of the indenture governing the Notes. The Supplemental Indenture will not become operative until a majority in aggregate principal amount of the Notes has been purchased by the Company pursuant to the terms of the tender offer and the consent solicitation, which is expected to occur today.
The Company's obligation to accept for purchase, and to pay for, any Notes pursuant to the tender offer is subject to the satisfaction of certain conditions including: (1) consummation of a capital markets debt offering on terms satisfactory to the Company that results in the receipt of net proceeds that are sufficient to pay the total consideration for all tendered Notes, plus all related fees and expenses, (2) execution of the Supplemental Indenture, and (3) certain other customary conditions.
Holders who tender (and do not validly withdraw) their Notes after the Consent Expiration and prior to the expiration of the tender offer will be entitled to receive consideration equal to
Any Notes not tendered and purchased pursuant to the tender offer will remain outstanding and will be governed by the terms of the Supplemental Indenture.
The complete terms and conditions of the tender offer are described in the Offer to Purchase and Consent Solicitation Statement dated
The Company has engaged
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of consents. The offer to purchase the Notes is only being made pursuant to the tender offer and consent solicitation documents, including the Offer to Purchase and Consent Solicitation Statement and the Consent and Letter of Transmittal that the Company is distributing to holders of Notes. The tender offer and consent solicitation are not being made to holders of Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such an offer or solicitation under applicable securities or "blue sky" laws. In any jurisdiction in which the tender offer or consent solicitation is required to be made by a licensed broker or dealer, they shall be deemed to be made by
Except for historical information contained herein, the statements in this release are forward-looking. Forward-looking statements are based on assumptions and beliefs that we believe to be reasonable; however, assumed facts almost always vary from actual results and the differences between assumed facts and actual results can be material depending upon the circumstances. Our forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany those statements. The forward-looking statements involve risks and uncertainties that affect our operations, financial performance, and other factors as discussed in our filings with the