By Stephanie N. Rotondo
Phoenix, Aug. 14 - Goodrich Petroleum Corp. priced $120 million of 9.75% series D cumulative perpetual preferred stock (expected ratings: Caa2/CCC-/), according to a press release on Wednesday.
The preferreds will be issued as depositary shares representing a 1/1,000th interest.
Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers.
Dividends will be payable on the 15th day of March, June, September and December, beginning Dec. 15.
The preferreds become redeemable at par plus accrued dividends on or after Aug. 19, 2018. There is also a change-of-control feature.
Proceeds will be used to enhance liquidity and financial flexibility through the repayment of borrowings under a senior credit facility and for general corporate purposes.
Goodrich is a Houston-based independent oil and gas exploration and development company.
| Issuer: | Goodrich Petroleum Corp.
|
| Securities: | Series D cumulative preferred stock
|
| Amount: | $120 million, or 4.8 million shares
|
| Greenshoe: | $18 million, or 720,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Morgan Stanley & Co. LLC, UBS Securities LLC
|
| Lead managers: | Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, MLV & Co. LLC, Sterne Agee & Leach Inc.
|
| Dividend: | 9.75%
|
| Price: | Par of $25.00
|
| Yield: | 9.75%
|
| Talk: | 9.75%
|
| Call options: | On or after Aug. 19, 2018 at par plus accrued dividends or in the event of a change of control
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 19
|
| Expected ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC-
|
| Expected listing: | NYSE: GDPPD
|
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