SandRidge Energy Inc (SD) Monday announced that the SandRidge Mississippian Trust II has commenced the initial public offering of 26 million common units. SandRidge further revealed that the offering represents approximately 52% beneficial interest in the Trust.
The Trust has stated that it has offered an additional 3.90 million common units to the underwriters for the issue to cover over-allotments, if any.
SandRidge added that the initial public offering is being made pursuant to the Registration Statement filed with the Securities and Exchange Commission, or the SEC, under Form-1 and Form-3 already filed with the SEC.
As a sponsor of the trust, SandRidge Energy will own approximately 11.3 million common units, assuming no exercise of the underwriters' option, and approximately 12.4 million subordinated units convertible into common units.
The company added that the common units will be listed for trading in the NYSE under the ticker "SDR".
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