Carl Icahn Steps In After Shale Producer Loses Bank Credit (1)

Billionaire investor Carl Icahn agreed to provide $30 million of loans to SandRidge Energy Inc. after lenders withdrew a previous credit facility extended to the U.S. shale gas producer.

Affiliates of Icahn agreed to a $10 million revolving loan facility and a $20 million term loan facility, Oklahoma City-based SandRidge said in a filing Tuesday. That replaces a facility provided by a lending syndicate led by Royal Bank of Canada, which was terminated Nov. 30. ahead of its scheduled maturity in April.

Access to credit has become increasingly fraught for many U.S. oil and gas producers this year. The industry ...