RBC, Barclays, Morgan Stanley Arrange SandRidge $425MM Facility

SandRidge Energy’s plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. RBC Capital Markets, Barclays and Morgan Stanley were joint lead arrangers for a $425 million credit facility to support the reorganization.

SandRidge Energy Files Chapter 11; RBC to Provide RBL Revolver

SandRidge Energy filed Chapter 11 to consummate a pre-arranged reorganization through a RSA entered into with holders of its funded debt obligations. Royal Bank of Canada will agent a $425 million revolver to support the RSA.

Drawdowns Raise Concerns About Banks’ Energy Exposure

The Wall Street Journal examined struggling oil and gas companies that are maxing out revolving credit lines typically used to cover short-term funding gaps, raising fresh concerns about banks’ exposure to the decline in energy prices.