Goodrich Petroleum Corp. (GDP) announced that it has priced $190 million of 5% convertible senior notes. The offering size was increased to $190 million in aggregate principal amount based on market demand. Further, the underwriters for the offering would also have the option to purchase up to $28.5 million principal amount of additional notes solely to cover over-allotments, if any.
The company noted that it intends to use a portion of the net proceeds of about $183.525 million from the offering to repay its $75 million second lien term loan and all amounts outstanding under its senior credit facility. The remainder of the net proceeds would be used for general corporate purposes.
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