Goodrich Petroleum will raise $225 million through a private offering of senior notes due 2019. The company plans to place a part of the net proceeds into escrow, which is expected for the redemption of its $175 million outstanding 3.25% convertible senior notes due 2026. It may also buy back repurchase such convertible notes before redemption. The oil and gas exploration and production company will use the remaining income for general corporate purposes, including financing a part of its 2011 capital expenditure program.
Click here for the release from PR Newswire.