Goodrich Petroleum Corp. (GDP) said Oct. 7 it has entered into agreements to retire about $17.1 million of its outstanding 5% convertible senior notes due 2032.

In exchange, the Houston company will issue about $8.5 million of new notes. Many terms of the new notes will remain the same as the existing notes they replace, including the 5% annual cash interest rate and the final maturity date of Oct. 1, 2032.

Following these separate, privately negotiated transactions, about $94.2 million of the existing notes will remain outstanding with terms unchanged.

The exchange is expected to close on Oct. 14, subject to customary closing conditions.