Goodrich Petroleum to redeem convertible preferreds

By Jennifer Chiou

New York, Jan. 17 - Goodrich Petroleum Corp. said its board approved the redemption of its series A convertible preferred stock on Feb. 17.

The company said it will redeem the shares at $12.00 per share plus accrued dividends.

The Houston oil and gas exploration and production company said there are 791,968 preferreds outstanding. Goodrich Petroleum's preferreds closed at $11.55 on Friday.

Shareholders may convert their holdings into Goodrich Petroleum common shares at 0.4167 common shares per preferred share.

If all preferreds are redeemed for cash, the company said the total redemption cost will be $9.5 million.

Computershare Trust Co. is the redemption agent (800 245-7630).

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