HOUSTON, Sept. 22 /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation ("the Company") today announced that it has commenced an underwritten public offering, subject to market and other conditions, of $150 million aggregate principal amount of convertible senior notes. The underwriters for the offering will also have the option to purchase up to $22.5 million principal amount of additional notes solely to cover any over-allotments.
The Company intends to use a portion of the net proceeds from the offering to repay its $75 million second lien term loan and all amounts outstanding under its senior credit facility, with the remainder to be used for general corporate purposes. If the underwriters exercise their over-allotment option to purchase additional notes, the Company will use the proceeds from such sale of additional notes for general corporate purposes.
J.P. Morgan Securities Inc. is acting as sole book-running manager for the offering.
The offering will be made only by means of a prospectus, forming a part of the Company''s shelf registration statement, related prospectus supplement and other related documents. You may obtain these documents for free by visiting EDGAR on the Securities and Exchange Commission website at http://www.sec.gov/. Alternatively, copies may be obtained from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus Library. Before you invest, you should read the prospectus supplement and accompanying base prospectus along with other documents that the Company has filed with the Securities and Exchange Commission for more complete information about the Company and this offering.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities, nor will there be any sale of notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as ''forward-looking statements'' within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They are subject to various risks, such as financial market conditions, planned capital expenditures, the market prices of oil and gas, operating hazards, drilling risks, legislative and regulatory changes, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the preliminary prospectus supplement, the Company''s Annual Report on Form 10-K for the year ended December 31, 2008, Quarterly Report on Form 10-Q for quarter ended June 30, 2009 and those set forth from time to time in the Company''s filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.
Goodrich Petroleum Corporation is an independent oil and gas company engaged in the exploration, exploitation, development and production of oil and natural gas properties primarily in East Texas and Northwest Louisiana.
Goodrich Petroleum Corporation
CONTACT: Robert C. Turnham, Jr., President, or David R. Looney, Chief
Financial Officer, both of Goodrich Petroleum Corporation, +1-713-780-9494,
fax, +1-713-780-9254
Web Site: http://www.goodrichpetroleum.com/