Goodrich Petroleum plans offering of cumulative preferreds; proceeds to pay down debt

By Stephanie N. Rotondo

Phoenix, April 4 - Goodrich Petroleum Corp. intends to sell series C cumulative preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Thursday.

The preferreds will be issued as depositary shares representing a 1/1,000th interest.

Morgan Stanley & Co. LLC, UBS Securities LLC and Barclays are the joint bookrunning managers. Co-managers are MLV & Co. and Stephens Inc.

Dividends will be payable on the 15th day of March, June, September and December, beginning June 15. The company can redeem the preferreds in 2018 at par plus accrued dividends.

There is also a change-of-control feature.

Goodrich will apply to list the new securities on the New York Stock Exchange under the ticker symbol "GDPPC."

Proceeds will be used to enhance liquidity and financial flexibility through the repayment of outstanding amounts under a senior credit facility and for general corporate purposes.

Goodrich Petroleum is a Shreveport, La.-based independent oil and natural gas company.

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