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Goodrich Petroleum continues climb post-earnings, stock sale; SandRidge remains pressured
By Stephanie N. Rotondo
Phoenix, March 2 – A trader said it was “quiet” in the distressed debt market on Monday, but a couple names that were notable Friday saw some follow-through.
Goodrich Petroleum Corp. was “up a bunch,” a trader said, as the company announced a secondary offering of stock.
The company’s earnings – which were released Friday – missed estimates.
In addition to announcing its earnings, Goodrich also said that it was planning a $100 million offering of 8% senior secured notes due 2018. The sale will include warrants to purchase up to 4.88 million common shares at an exercise price of $4.66, a 10% premium over Thursday’s closing price.
The company has the option to sell anther $75 million of the notes in the future.
SandRidge Energy Inc. – which came out with numbers after Thursday’s close – was meantime continuing to decline.
While there was continued activity in those names, Cliffs Natural Resources Inc. “wasn’t trading much,” a trader said.
The company announced a $750 million tender offer on Friday for its four series of senior notes – the company’s second attempt, after nixing a deal in early December.
Still, a trader said the bonds “seemed a little bit lower,” placing the 5.95% notes due 2018 at 88.
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