Goodrich Petroleum Corporation announced that it has entered into a $250 million Senior Secured Revolving Credit Agreement with JPMorgan Chase Bank, N.A. as Joint Lead Arranger, Sole Bookrunner and Administrative Agent and SunTrust Bank and SunTrust Robinson Humphrey as Syndication Agent and Joint Lead Arranger, respectively.
The Credit Facility has an initial borrowing base of $40 million and contains customary terms and conditions, including semi-annual borrowing base redeterminations. The Company had $31.1 million of cash on hand as of September 30, 2017 and has $23.3 million currently available under the Credit Facility.