WASHINGTON (dpa-AFX) - SandRidge Permian Trust (PER) said Tuesday that it has closed its initial public offering of 34.5 million common units, including 4.5 million common units sold pursuant to the exercise of the underwriters' over-allotment option, representing a 66% beneficial interest in the Trust.
SandRidge Energy, Inc. (SD), as sponsor of the Trust, owns about 4.88 million common units and about 13.13 million subordinated units convertible into common units. The Trust has a total of 52.5 million trust units outstanding.
Gross proceeds of the transaction, before the underwriting discount, were $621 million. Before payment of offering expenses, SandRidge received about $584 million as partial consideration for the conveyance of the royalty interests held by the Trust.
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