By Marisa Wong
Madison, Wis., March 18 – Goodrich Petroleum Corp. disclosed more details on its 8% second-lien senior secured notes due 2018 in an 8-K filed Wednesday with the Securities and Exchange Commission.
The company completed its previously announced private offering of units on March 12, raising $100 million.
The company issued to Franklin Advisers, Inc. 100,000 units, each consisting of $1,000 principal amount of 8% notes and one 10-year warrant to purchase 48.84 shares of common stock at $4.664 per share. The strike price is a 57.57% premium to the March 11 closing share price of $2.96.
The notes are callable at any time beginning March 15, 2016 and have an equity clawback provision prior to Sept. 12.
Goodrich is a Houston-based independent oil and gas exploration and development company.
| Issuer: | Goodrich Petroleum Corp.
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| Issue: | Second-lien senior secured notes
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| Amount: | $100 million
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| Maturity: | March 15, 2018
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| Coupon: | 8%
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| Call option: | On or after March 15, 2016 in full or in part at any time, at 106 in 2016 and at par in 2017 or after; prior to Sept. 12, up to 35% of total principal amount with proceeds from equity offerings at 108
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| Warrants: | For 4,884,000 shares
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| Warrant expiration: | March 12, 2025
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| Warrant strike price: | $4.664
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| Investor: | Franklin Advisers, Inc.
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| Settlement date: | March 12
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| Stock symbol: | NYSE: GDP
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| Stock price: | $2.96 at close March 11
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| Market cap: | $185.05 million
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