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Energy

Goodrich Petroleum Taps Capital Markets (GDP)

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By Douglas A. McIntyre Published

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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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