Goodrich Petroleum To Offer Up To $172.5M In Notes

HOUSTON (AP) — Goodrich Petroleum Corp. said Tuesday it is offering up to $172.5 million in convertible senior notes and will use the proceeds to repay other debt.

Goodrich, which explores for and produces oil and natural gas in Texas and Louisiana, said it would sell $150 million of the notes and give underwriters an option to buy up to $22.5 million more to cover overallotments.

The company said it would use some of the proceeds to repay a $75 million second lien term loan and debt under its senior credit facility. Proceeds from the overallotments would be used for general corporate purposes, it said.

J.P. Morgan Securities Inc. is managing the offering.

Shares of Goodrich rose 85 cents, or 3.3 percent, to close at $26.66, but slipped $1.42, or 5.3 percent, to $25.24 in aftermarket trading after the news was announced.