Goodrich Petroleum enters a $250 million revolving credit agreement

By Sarah Lizee

Olympia, Wash., Oct. 18 – Goodrich Petroleum Corp. said it entered into a $250 million senior secured revolving credit agreement with JPMorgan Chase Bank, NA, SunTrust Bank and SunTrust Robinson Humphrey, Inc., according to a press release.

The facility has an initial borrowing base of $40 million and contains customary terms and conditions, including semiannual borrowing base redeterminations.

The company had $31.1 million of cash on hand as of Sept. 30 and has $23.3 million currently available under the facility.

JPMorgan Chase Bank acted as joint lead arranger, sole bookrunner and administrative agent. SunTrust Bank acted as syndication agent, and SunTrust Robinson Humphrey acted as joint lead arranger.

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

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