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Actionable news in GDP: GOODRICH PETROLEUM Corp,

Goodrich Petroleum: 801 Louisiana, Suite 700

The following excerpt is from the company's SEC filing.

Houston, Texas 77002

(713) 780-9494

fax (713) 780-9254

Contact:

Robert C. Turnham, President

Traded: NYSE (GDP)

FOR IMMEDIATE RELEASE

GOODRICH PETROLEUM ANNOUNCES PRIVATE EXCHANGE TRANSACTIONS FOR CONVERTIBLE SENIOR NOTES

HOUSTON, October 7, 2015 /PRNewswire/ Goodrich Petroleum Corporation (NYSE: GDP) (the Company) today announced that it has entered into separate, privately negotiated exchange agreements under which it will retire approximately $17.1 million in an aggregate original principal amount of its outstanding 5.00% Convertible Senior Notes d ue 2032 (the Existing Notes) in exchange for its issuance of additional 5.00% Convertible Exchange Senior Notes due 2032 (the New Notes) in an aggregate original principal amount of approximately $8.5 million. Following these transactions, approximately $94.2 million in an aggregate original principal amount of the Existing Notes will remain outstanding with terms unchanged. The exchange is expected to close on October 14, 2015, subject to customary closing conditions.

Many terms of the New Notes will remain the same as the Existing Notes they replace, including the 5.0% annual cash interest rate and the final maturity date of October 1, 2032.

Like the Existing Notes, the principal amount of the New Notes will accrete at a rate of 2% per year from August 28, 2013, compounding on a semi-annual basis, until October 1, 2018. The accreted portion of the principal is payable in cash upon maturity but does not bear cash interest and is not convertible into the Companys common stock. Holders have the option to require the Company to purchase any outstanding New Notes on...


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