Goodrich Petroleum lists 10% cumulative preferreds for trading on NYSE

By Susanna Moon

Chicago, April 12 - Goodrich Petroleum Corp.'s 10% series C cumulative preferred stock was admitted for trading on the New York Stock Exchange under the symbol "GDP PR C."

The company priced $100 million of the preferreds on April 4, as previously reported by Prospect News.

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

Morgan Stanley & Co. LLC, UBS Securities LLC and Barclays were 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.

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