By Stephanie N. Rotondo
Phoenix, April 4 - Goodrich Petroleum Corp. priced $100 million of 10% series C cumulative preferred stock, according to a market source 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.
Dividends will be payable on the 15th day of March, June, September and December, beginning June 15. The company can redeem the preferreds on or after April 10, 2018 at par plus accrued dividends.
There is also a change-of-control feature.
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.
| Issuer: | Goodrich Petroleum Corp.
|
| Securities: | Series C cumulative preferred stock
|
| Amount: | $100 million, or 4 million shares
|
| Greenshoe: | $15 million, or 600,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Morgan Stanley & Co. LLC, UBS Securities LLC, Barclays
|
| Co-managers: | MLV & Co. and Stephens Inc.
|
| Dividend: | 10%
|
| Price: | Par of $25.00
|
| Yield: | 10%
|
| Talk: | Around 10%
|
| Call options: | On or after April 10, 2018 at par plus accrued dividends or in the event of a change of control
|
| Pricing date: | April 4
|
| Settlement date: | April 10
|
| Expected listing: | NYSE: GDPPC
|
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