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UPDATE 1-Goodrich starts $150 mln notes offering; shares fall

Tue Sep 22, 2009 4:42pm EDT

Stocks

   

* To use proceeds to repay $75 mln second lien term loan

* Shares fall 6 pct in after-hours trade

Sept 22 (Reuters) - Goodrich Petroleum Corp (GDP.N) said it began a $150 million of convertible senior notes offering, sending its shares down 6 percent in after-market trade.

The independent oil and gas explorer company intends to use a part of the net proceeds to repay its $75 million second lien term loan and all amounts outstanding under its senior credit facility.

Goodrich said the underwriters for the offering have the option to purchase up to $22.5 million of additional notes to cover any over-allotments, adding that all such proceeds will be used for general corporate purposes.

J.P. Morgan Securities is acting as sole book-running manager for the offering.

Shares of the company were down $1.69 at $24.97 in after-market trade. The stock had closed at $26.66 Tuesday on the New York Stock Exchange. (Reporting by Adveith Nair in Bangalore; Editing by Anil D'Silva)



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