Goodrich Petroleum greenshoe fully exercised, upping convertible preferreds offer to $112.5 million

By Jennifer Chiou

New York, Jan. 23 - Goodrich Petroleum Corp. announced the $30 million greenshoe on its offer of 5.375% series B cumulative convertible preferred stock was exercised in full, raising the deal to $112.5 million.

The company sold an additional 600,000 shares.

The Houston-based independent oil and gas exploration company originally priced the convertible preferreds on Dec. 15 to yield 5.375% with an initial conversion premium of 20%.

The deal previously was expected to be $75 million with a greenshoe of $37.5 million. The greenshoe was reduced by $7.5 million and added to the initial offering.

Proceeds will be used to redeem all of the outstanding shares of its series A preferred stock for about $9.5 million, with the balance of proceeds earmarked to fund the continued acceleration of its drilling program.

Bear Stearns & Co. was bookrunner and BNP Paribas was co-manager.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.