Press release
Chesapeake Energy Corporation Announces Cash Tender Offer and Consent Solicitation For 6.875% Senior Notes Due 2025 Issued by Brazos Valley Longhorn, L.L.C. and Brazos Valley Longhorn Finance Corp., Its Wholly Owned Subsidiaries
OKLAHOMA CITY, Dec. 4, 2019 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE: CHK) ("Chesapeake") announced today that it has commenced a tender offer, on
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[{"type":"text","content":"OKLAHOMA CITY, Dec. 4, 2019 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE: CHK) (\"Chesapeake\") announced today that it has commenced a tender offer, on behalf of Brazos Valley Longhorn, L.L.C. (\"BVL\") and Brazos Valley Longhorn Finance Corp. (together with BVL, the \"Issuers\"), each wholly owned subsidiaries of Chesapeake (the \"Tender Offer\"), to purchase for cash any and all of the outstanding 6.875% Senior Notes due 2025 (the \"Notes\") issued by the Issuers. Prior to February 1, 2019, BVL was known as WildHorse Resource Development Corporation. \n\n \nConcurrently with the Tender Offer, Chesapeake is conducting, on behalf of the Issuers, a simultaneous solicitation of consents (the \"Consent Solicitation\") from each registered holder (individually, a \"Holder\" and, collectively, the \"Holders\") of the Notes with respect to certain proposed amendments (the \"Proposed Amendments\") to the indenture governing the Notes (the \"Existing Indenture\"). If Holders of the Notes validly tender their Notes in the Tender Offer, they will be deemed to have validly delivered their related consents, with respect to the principal amount of such tendered Notes, to the Proposed Amendments (the \"Consents\"). A Holder may not deliver Consents without tendering the related Notes pursuant to the Tender Offer and may not tender Notes without delivering the related Consents pursuant to the Consent Solicitation. The supplemental indenture (the \"Supplemental Indenture\") containing the Proposed Amendments would amend the Existing Indenture to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions currently applicable to the Notes.\nThe terms and conditions of the Tender Offer and Consent Solicitation are described in an Offer to Purchase and Consent Solicitation Statement, dated December 4, 2019 (the \"Offer to Purchase\"), and the related Letter of Transmittal and Consent (the \"Letter of Transmittal\").\nThe following table sets forth certain terms of the Tender Offer:\nThe Tender Offer and Consent Solicitation will expire at 11:59 p.m., New York City time, on January 6, 2020, or any other date and time to which Chesapeake extends the Tender Offer and Consent Solicitation (such date and time, as it may be extended, the \"Expiration Date\"), unless earlie...