Bulletin
Investor Alert

New York Markets Open in:

press release

Sept. 10, 2019, 7:00 a.m. EDT

Chesapeake Energy Corporation Exchanges Approximately $588 Million Of Senior Notes And Preferred Shares For Common Shares

OKLAHOMA CITY, Sept. 10, 2019 /PRNewswire/ -- On September 9, 2019, Chesapeake Energy Corporation /zigman2/quotes/201364537/composite CHK -0.74% entered into a privately negotiated securities exchange agreement under which it has agreed to issue an aggregate of 250,721,554 shares of the company's common stock, par value $0.01 per share, in exchange for: (i) approximately $40.0 million aggregate principal amount of its 5.75% Convertible Preferred Stock; (ii) approximately $112.7 million aggregate principal amount of its 4.875% Senior Notes due 2022; (iii) approximately $129.3 million aggregate principal amount of its 5.75% Senior Notes due 2023; (iv) approximately $155.8 million aggregate principal amount of its 5.5% Convertible Senior Notes due 2026; and (v) approximately $150.0 million aggregate principal amount of its 8.00% Senior Notes due 2027. The company may engage in similar transactions in the future but is under no obligation to do so.

(PRNewsfoto/Chesapeake Energy Corporation)

Doug Lawler, Chesapeake's President and Chief Executive Officer, commented, "We had an opportunity to partner with a large, multi-asset investment manager who believes in the long-term value of our common shares and, in doing so, retired a portion of our debt and preferred stock at a significant discount to its par value and reduced our annual interest and preferred dividend payments by approximately $35 million. We are pleased with the results of this transaction and will continue to focus further debt reduction through a variety of methods including selling non-core assets, improving our capital efficiency and optimizing our capital allocation."

Headquartered in Oklahoma City, Chesapeake Energy Corporation's operations are focused on discovering and developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States. /zigman2/quotes/201364537/composite CHK -0.74%




INVESTOR CONTACT: MEDIA CONTACT: CHESAPEAKE ENERGY CORPORATION
Brad Sylvester, CFA Gordon Pennoyer 6100 North Western Avenue

 

Cision
View original content to download multimedia: http://www.prnewswire.com/news-releases/chesapeake-energy-corporation-exchanges-approximately-588-million-of-senior-notes-and-preferred-shares-for-common-shares-300914788.html

SOURCE Chesapeake Energy Corp.

Copyright (C) 2019 PR Newswire. All rights reserved

/zigman2/quotes/201364537/composite
US : U.S.: NYSE
$ 1.35
-0.01 -0.74%
Volume: 38.91M
Oct. 22, 2019 6:30p
P/E Ratio
2.60
Dividend Yield
N/A
Market Cap
$2.20 billion
Rev. per Employee
$4.37M
loading...
/zigman2/quotes/201364537/composite
US : U.S.: NYSE
$ 1.35
-0.01 -0.74%
Volume: 38.91M
Oct. 22, 2019 6:30p
P/E Ratio
2.60
Dividend Yield
N/A
Market Cap
$2.20 billion
Rev. per Employee
$4.37M
loading...

Comtex
Link to MarketWatch's Slice.