Monday, SandRidge Energy, Inc. (SD) said that it has closed the previously announced $800 million purchase of properties in the Permian Basin from Forest Oil Corp. (FST). The purchase price is subject to customary post-closing adjustments.
The company also reported the closing of its previously announced private placement of 2.0 million shares of 6% convertible perpetual preferred stock to Fairfax Financial Holdings (FFH), for net proceeds of $200 million.
Additionally, the company noted the underwriters of the company's recent common stock offering had exercised the over-allotment option of 3.6 million shares, bringing the total number of shares of common stock issued by SandRidge Energy in the offering to 25.6 million shares and resulting in additional net proceeds of approximately $30.6 million. The sale of the additional shares is expected to close Wednesday, December 23.
Barclays Capital, BofA Merrill Lynch, and RBC Capital Markets acted as joint book-running managers for the common stock offering.
SD closed Monday's last trade on the New York Stock Exchange at $9.37, up $0.10 or 1.08%.
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