HOUSTON, April 18, 2011 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced that to date, the Company has repurchased in privately negotiated transactions a total of $145.9 million aggregate principal amount of its outstanding 3.25% convertible senior notes due 2026 at 101.25, plus accrued interest, for $148.9 million. The repurchase was made using a portion of the net proceeds from the Company's recently completed offering of $275 million 8.875% senior notes due 2019.
Approximately, $29.1 million of aggregate principal remains outstanding from the original $175 million convertible note issuance. The Company will continue to escrow the necessary funds to redeem those obligations on or before December 1, 2011.
Jefferies & Company, Inc. acted as financial advisor for the Company in connection with the repurchase.
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Goodrich Petroleum Corporation is an independent oil and gas exploration and production company listed on the New York Stock Exchange. The majority of its properties are in Louisiana and Texas.
SOURCE Goodrich Petroleum Corporation