Past year: ▲ 15%(11.91 – 17.53 USD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Oct 2015capital raising announcement● NeutralMajor
SandRidge agreed to buy back and retire $100 million of its senior notes for $30 million in cash, and to exchange $300 million of senior notes for $269.4 million of 2022 and $30.6 million of 2023 convertible notes. Converting these would add about 109.1 million shares. Closing was expected on or shortly after October 15, 2015. This continues the August 2015 swaps, further cutting debt while adding potential dilution.
19 Aug 2015capital raising announcement● NeutralMajor
SandRidge issued $158.4 million of new 8.125% convertible notes due 2022 and $116.6 million of new 7.5% convertible notes due 2023, swapped for $15.9 million of 2020 notes, $40.7 million of 2021 notes, $101.8 million of 2022 notes and $116.6 million of 2023 notes. If fully converted they would become about 100 million shares at an initial $2.75 per share. This continues the debt-for-equity swaps begun in May 2015 and creates potential future dilution. The company also agreed with its bank lenders to amend the credit agreement to allow up to $200 million of cash note purchases; the rest of that amendment was cut off in the text provided.
14 May 2015capital raising announcement● NeutralMajor
SandRidge agreed to swap $29 million of its 2021 notes and $21 million of its 2022 notes with one noteholder for new common shares: 16,046,666 shares plus 257,778 for accrued interest on the 2021 notes, and 11,620,000 shares plus 107,431 for accrued interest on the 2022 notes. Closing was expected May 19, 2015. This cuts $50 million of debt but adds roughly 28 million shares, diluting existing shareholders.
