Goodrich Petroleum (GDP) Misses Q4 EPS by 2c; Announces $100M Notes Offering

Goodrich Petroleum (NYSE: GDP) reported Q4 EPS of ($0.47), $0.02 worse than the analyst estimate of ($0.45). Revenue for the quarter came in at $480.6 million versus the consensus estimate of $58 million.

• The Company has entered into a definitive purchase agreement for the issuance and sale of $100 million aggregate principal amount of 8% senior secured notes due 2018 (the "Second Lien Notes"), together with warrants to purchase up to 4.88 million shares of the Company's common stock at an exercise price of $4.66 per share, a 10% premium to yesterday's closing stock price. The Company has increased its liquidity and has the ability to issue an additional $75 million aggregate principal amount of the Second Lien Notes in the future.
• The Company's first lien credit facility maturity has been extended to February 2017, the covenants amended to provide additional flexibility and borrowing base redetermined to $200 million, reduced to $150 million upon closing of the sale of the Second Lien Notes.

For earnings history and earnings-related data on Goodrich Petroleum (GDP) click here.

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