Item 1.02 Termination of a Material Definitive Agreement.
On September 2, 2021, SandRidge Energy, Inc (the "Company") repaid in full all
outstanding indebtedness and terminated all commitments and obligations under
its Credit Agreement, dated July 26, 2021 (as amended, the "Credit Amendment"),
between the Company, as Borrower, IEP Energy Holding LLC, as Lender, and Icahn
Agency Services LLC, as Administrative Agent. The Company's payment to the
Lender under the Credit Agreement was approximately $20.0 million, which
satisfies all of the Company's debt obligations. The Company did not incur any
early termination penalties as a result of the repayment of indebtedness or
termination of the Credit Agreement, which provided that both the term loan and
revolving line under the Credit Agreement matured as of November 30, 2023. In
connection with the repayment of outstanding indebtedness by the Company, the
borrowers were automatically and permanently released from all security
interests, mortgages, liens and encumbrances under the Credit Agreement. The
material terms of the Credit Agreement are described in the Company's Form 8-K
filed with the Securities and Exchange Commission ("SEC") on November 30, 2020.
The foregoing summary of the Credit Agreement does not purport to be complete
and is subject to, and qualified in its entirety by reference to the Credit
Agreement, which was filed as Exhibit 10.1 to the Company's Form 8-K filed with
the SEC on November 30, 2020, and the first amendment to the Credit Agreement,
which was filed as Exhibit 10.1 on the Company's Form 8-K filed with the SEC on
July 28, 2021, and is incorporated herein by reference.
As previously disclosed, on August 13, 2021, the Company entered into a swap
intercreditor agreement with J. Aron and Company LLC, as Energy Hedge Provider
and Icahn Agency Services LLC, as Administrative Agent (the "Swap Intercreditor
Agreement") on August 11, 2021. All commitments and obligations under the Swap
Intercreditor Agreement were also terminated on September 2, 2021. The
description of the Swap Intercreditor Agreement is qualified in its entirety by
reference to the full text of the Swap Intercreditor Agreement, which was filed
as Exhibit 10.1 to the Company's Form 8-K filed with the SEC on August 13, 2021.
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