Goodrich Petroleum Corporation (NYSE: GDP) has announced that it has commenced an underwritten public secondary offering of 3 million shares of its common stock. J.P. Morgan Securities Inc. is acting as sole book-running manager for the common stock offering and it has an over-allotment option of some 450,000 shares.
The oil & gas company noted that it intends to use a portion of the proceeds from this offering to pay down the balance of its senior revolving credit facility. The rest of the net funds raised are earmarked for general corporate purposes. Goodrich has also noted that such paid down funds under the senior revolving credit facility may be re-borrowed from time to time for general corporate purposes.
Based upon a 3% drop to $70.74, Goodrich Petroleum has a market cap of some $2.36 Billion. This would raise an additional $210+ million on a gross basis if it closes today. Its 52-week trading range is $16.63 to $86.18.
Jon C. Ogg
July 7, 2008
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