Goodrich agrees to place $100 million 8% notes with warrants; Tetra lines up $50 million

New York, Feb. 27 – Goodrich Petroleum Corp. has agreed to a private placement of $100 million principal amount of 8% senior secured notes due 2018.

The sale will include warrants to purchase up to 4.88 million shares of the company’s common stock at an exercise price of $4.66 per share, which is a 10% premium to the company’s closing stock price on Thursday.

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

In addition to the note sale, Goodrich extended its first-lien credit facility to February 2017, with the covenants amended to provide additional flexibility. The borrowing base was reset to $200 million and will be reduced to $150 million upon closing of the sale of the second-lien notes, the release noted.

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

Meanwhile, Tetra Technologies, Inc. plans to sell $50 million principal amount of secured notes in a private placement, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into a commitment letter Wednesday for the private placement.

Proceeds, along with available cash and borrowings under the company’s credit facility, will be used to pay the outstanding $90 million principal amount of senior notes due on April 30, 2015.

Tetra is a Woodlands, Texas-based oil and gas services and production company.

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