Goodrich Petroleum Prices 6M Share Offering at $25.25/Share
Goodrich Petroleum Corporation (NYSE: GDP) today announced the pricing of its public offering of 6,000,000 shares of the Company's common stock at $25.25 per share. In connection with the offering, the Company granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock to cover over-allotments. The offering is expected to settle and close on Monday, October 21, 2013, subject to customary closing conditions.
The Company estimates that the net proceeds from the offering will be approximately $144.2 million, after deducting underwriting commissions and expenses (or approximately $165.9 million, if the underwriters exercise their over-allotment option in full).
The Company intends to use the net proceeds from the offering to fund the acceleration of its drilling program in the Tuscaloosa Marine Shale ("TMS"), including an increase in its number of horizontal rigs running in the TMS from two currently to five by the end of 2014.
Johnson Rice & Company L.L.C., RBC Capital Markets and Scotiabank / Howard Weil are acting as joint book-running managers for this offering. BMO Capital Markets, Global Hunter Securities, IBERIA Capital Partners L.L.C., SunTrust Robinson Humphrey and Stifel are acting as senior co-managers and