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Goodrich Petroleum begins offering of 3M shares

By Associated Press
July 7, 2008 | Comments (0)

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Oil and natural gas company Goodrich Petroleum Corp. said Monday it began an underwritten public offering of 3 million shares.

The stock offer includes an overallotment option to buy another 450,000 shares. The company plans to use the proceeds to pay off its outstanding senior revolving credit facility and for general corporate purposes.

JPMorgan Securities is the sole book-running manager of the offering.

Shares fell $2.36, or 3.3 percent, to $68.38 in after-hours electronic trading. The stock earlier closed down $2.56, or 3.5 percent, at $70.74. Shares have traded in a 52-week range of $16.63 to $86.18.

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