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SandRidge shells out $1.5bn for NEG



By Upstream staff 

SandRidge Energy has bought NEG Oil & Gas from American Real Estate Partners for about $1.5 billion, giving it substantial West Texas acreage and production.

The acquisition was paid through a combination of $1 billion in cash and about 12.8 million SandRidge shares. SandRidge also assumed NEG’s debt of about $250 million.

The company had made a private placement of $550 million in convertible preferred stock and common units, arranged an $850 million unsecured bridge loan, and borrowed under a new senior secured revolving credit facility to finance the deal.


Wednesday, 22 November, 2006, 02:22 GMT  | last updated: Wednesday, 22 November, 2006, 14:31 GMT

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