Goodrich Petroleum to use notes proceeds for convertibles redemption

By Toni Weeks

San Diego, Feb. 22 - Goodrich Petroleum Corp. will use a portion of the proceeds from its offering of $225 million senior notes due 2019 for the December 2011 redemption or early repurchase of its $175 million of 3¼% convertible senior notes due 2026, according to a news release.

The company also said any remaining net proceeds will be used for general corporate purposes, including the funding of a portion of its 2011 capital expenditure program.

Goodrich Petroleum is a Houston-based oil and gas company active primarily in east Texas and northwest Louisiana.

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