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The Water Cooler
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SandRidge Energy. .Okc
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<blockquote data-quote="SlugSlinger" data-source="post: 2781822" data-attributes="member: 7248"><p>SandRidge Energy’s $825 million 2012 7.5% bonds were yielding just 5.3% in July 2014. By last week that yield had soared to 40%, their price having plunged from 109 cents to 23 cents. Last Friday SandRidge CEO James Bennett announced that he had made a deal with lenders to refinance $525 million in debt. SandRidge will buy back $250 million face value in senior unsecured notes for $94.5 million, and exchange another $275 million for convertible bonds that mature in 2022 and 2023. The move pares SandRidge’s debt, removing $19 million in annual interest expense. But this feels akin to treating a heart attack with a Band-Aid; SandRidge is still saddled with more than $4 billion in debt. In the most recent quarter, interest and preferred stock dividends ate up $80 million of SandRidge’s $230 million in revenue.</p><p></p><p><a href="http://www.forbes.com/sites/christopherhelman/2015/08/17/as-oil-goes-down-bankruptcies-go-up-these-5-frackers-could-be-the-next-to-fall/?utm_campaign=yahootix&partner=yahootix" target="_blank">http://www.forbes.com/sites/christopherhelman/2015/08/17/as-oil-goes-down-bankruptcies-go-up-these-5-frackers-could-be-the-next-to-fall/?utm_campaign=yahootix&partner=yahootix</a></p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 2781822, member: 7248"] SandRidge Energy’s $825 million 2012 7.5% bonds were yielding just 5.3% in July 2014. By last week that yield had soared to 40%, their price having plunged from 109 cents to 23 cents. Last Friday SandRidge CEO James Bennett announced that he had made a deal with lenders to refinance $525 million in debt. SandRidge will buy back $250 million face value in senior unsecured notes for $94.5 million, and exchange another $275 million for convertible bonds that mature in 2022 and 2023. The move pares SandRidge’s debt, removing $19 million in annual interest expense. But this feels akin to treating a heart attack with a Band-Aid; SandRidge is still saddled with more than $4 billion in debt. In the most recent quarter, interest and preferred stock dividends ate up $80 million of SandRidge’s $230 million in revenue. [url]http://www.forbes.com/sites/christopherhelman/2015/08/17/as-oil-goes-down-bankruptcies-go-up-these-5-frackers-could-be-the-next-to-fall/?utm_campaign=yahootix&partner=yahootix[/url] [/QUOTE]
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