Goodrich rises despite earnings miss; SandRidge profit improves, bonds dip; Hercules slides

By Stephanie N. Rotondo

Phoenix, Feb. 27 – Friday was a big news day for distressed names, as several companies released earnings and one announced a tender offer.

Goodrich Petroleum Corp. put out its fourth-quarter results early in the session, reporting a loss. The company also announced a new second-lien issue and that it had extended its first-lien loan maturity until 2017.

That news, combined with a gain in oil prices, helped the company’s debt gain ground.

West Texas Intermediate crude gained $1.10, or 2.28%, closing at $49.27 per barrel. Brent crude rose $2.01, or 3.35%, to $62.06.

Also in the energy arena, investors were reacting negatively to SandRidge Energy Inc.’s own earnings release, which came out after the market closed on Thursday.

Like Goodrich, the company said it had amended a loan in order to avoid breaching terms.

Continuing the oil and gas trend, Hercules Offshore Inc.’s bonds remained in retreat Friday, losing as much as 5 points. The company’s debt had dropped as much as 9 points on Thursday after word of a contract termination got out.

Elsewhere in the commodity space, Cliffs Natural Resources Inc. was taking a second stab at a tender offer for its senior notes. The company had nixed a previous exchange offer in December, due to “adverse market conditions.”

However, the market did not take the news all that well and the bonds suffered as a result.

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