Goodrich Petroleum has raised $275 million in sale of senior notes in the 144a private placement market. The company intends to place $175 million of the net proceeds into escrow, to be used for the redemption of $175 million outstanding 3.25% convertible senior notes due 2026.
The exploration and production company appointed JP Morgan, Jefferies, BMO Capital, BNP Paribas, RBC, Wells Fargo and Bank of America Merrill Lynch as the joint bookrunning managers for the deal. The notes carry a coupon rate of 8.875%, and are due to mature on March 15, 2019.
Click here for the release from PR Newswire.