$21.00, which represents the top end of the expected price range of $19.00 to $21.00. The 26,000,000 common units being sold in the offering represent a 52% beneficial interest in the Trust. The underwriters have 30 days to exercise an option to purchase an additional 3,900,000 common units from the Trust to cover over allotments, if any.
Following completion of the offering, SandRidge Energy, Inc. (NYSE: SD) as sponsor of the Trust, will own approximately 11.3 million common units, assuming no exercise of the underwriters' option, and approximately 12.4 million subordinated units convertible into common units, and the Trust will have a total of 49,725,000 trust units outstanding. The common units have been approved for listing on the New York Stock Exchange, and will trade under the symbol "SDR." The offering, which is subject to customary closing conditions, is expected to close on or about April 23, 2012.
The Trust will own royalty interests conveyed to it by SandRidge that will entitle the Trust to a percentage of the proceeds received by SandRidge from the production of hydrocarbons from currently producing wells and development wells to be drilled by SandRidge on approximately 53,000 net acres in the Mississippian formation in northern Oklahoma and southern Kansas.
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