Goodrich Petroleum Corporation GDP (the "Company") today announced the pricing of its public offering of
$120 million of non-convertible, perpetual preferred stock through the
issuance of 4,800,000 depositary shares each representing a 1/1000th ownership
interest in a share of the Company's non-convertible 9.75% Series D Cumulative
Preferred Stock. In connection with the offering, the Company granted the
underwriters a 30-day option to purchase up to 720,000 additional depositary
shares to cover over-allotments, if any. The offering is expected to settle
and close on Monday, August 19, 2013, subject to customary closing conditions.
The Company estimates that the net proceeds from the offering will be
approximately $115.3 million, after deducting underwriting commissions and
expenses (or approximately $132.6 million, if the underwriters exercise their
over-allotment option to purchase additional depositary shares).
The Company intends to use the net proceeds from the offering to enhance
liquidity and financial flexibility through the repayment of borrowings
outstanding under its senior credit facility and for general corporate
purposes.
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