Goodrich Petroleum amends first-lien loan facility, extends until 2017

By Susanna Moon

Chicago, Feb. 27 – Goodrich Petroleum Corp. said it amended its first-lien credit facility, extending the maturity until February 2017.

The covenants were amended to provide additional flexibility, according to a company earnings release for the year and fourth quarter ended Dec. 31.

The borrowing base was reset to $200 million and will be reduced to $150 million upon closing of its planned sale of second-lien notes, the release noted.

The company entered into an agreement to issue $100 million principal amount of 8% senior secured notes due 2018 with warrants to purchase up to 4.88 million common shares.

The company said it has increased its liquidity and can issue another $75 million principal amount of the second-lien notes in the future.

Goodrich is a Houston-based independent oil and gas exploration and development company.

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