SandRidge acquires firm
SandRidge Energy Inc. on Tuesday announced the closing of its acquisition of privately held Dynamic Offshore Resources LLC. SandRidge acquired the Houston-based company for about $680 million and 74 million shares of common stock, worth about $1.2 billion. The company announced the deal in February to add oil production. SandRidge financed the cash portion of the deal by offering $750 million in senior notes. That transaction closed Tuesday as well.
IPO price set at $21 a share
Units of the new SandRidge Mississippian Trust II will sell for $21 each in its initial public offering. The offering will include 26 million units, representing a 52 percent beneficial interest. Underwriters will be able to buy an additional 3.9 million shares to cover overallotments. SandRidge Energy Inc., which is sponsoring the trust, will maintain 11.3 million units and about 12.4 million subordinated units that can be converted into common units. The trust is expected to begin trading on the New York Stock Exchange under the symbol “SDR,” closing about April 23.
From staff reports