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Goodrich Petroleum to list 10% convertible preferreds for trading
By Susanna Moon
Chicago, Dec. 21 – Goodrich Petroleum Corp. said its will list its 10% series E cumulative convertible preferred stock on the OTC Global Markets, Inc.
As previously announced, the convertible preferreds were issued in an exchange offer for three series of convertible preferred stock.
Investors had tendered for exchange about half of the three series of convertible preferreds.
The exchange offers ended at 5 p.m. ET on Dec. 15. The offers began on Nov. 6.
As a result of the transaction, Goodrich has retired about $106.4 million of preferred stock in exchange for about $36.5 million of series E preferreds.
The series E preferreds carry a liquidation preference of $10.00 per share and are convertible at an initial conversion price of $2.00 per share.
The series E preferreds are callable at any time on or after April 10, 2018 at a redemption price equal to the liquidation preference per share plus any accumulated dividends up to but excluding the redemption date.
Goodrich is a Houston-based independent oil and gas exploration and development company.
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