Press release
CHESAPEAKE ENERGY CORPORATION ANNOUNCES COMMENCEMENT OF EXCHANGE OFFERS RELATING TO WARRANTS
OKLAHOMA CITY, Aug. 18, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) ("Chesapeake" or the "Company") today announced that it has commenced
About this update from Expand Energy Corporation
[{"type":"text","content":" \nOKLAHOMA CITY, Aug. 18, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) (\"Chesapeake\" or the \"Company\") today announced that it has commenced exchange offers (each, an \"Offer,\" and collectively, the \"Offers\") relating to its outstanding (i) Class A warrants (the \"Class A warrants\"), (ii) Class B warrants (the \"Class B warrants\") and (iii) Class C warrants (the \"Class C warrants,\" and together with the Class A warrants and the Class B warrants, the \"warrants\"), each to purchase shares of common stock, par value $0.01 per share, of the Company (\"common stock\"). The warrant structure was originally implemented as part of the Company's restructuring. By reducing the potential dilutive impact of the warrants through the Offers, the Company expects to simplify its capital structure, eliminate complexity and align the interests of all equity holders with minimal increase to the fully diluted share count. The Company intends to resume its $2 billion board authorized share repurchase program following the completion of the Offers.\n\n \n \n \n \n \n \n\n \nThe Company is offering to all holders of the warrants the opportunity to receive a number of shares of common stock to be determined over a ten trading day volume-weighted average trading price measurement period, in each case, for warrants validly tendered and accepted for exchange pursuant to the Offers, as further described in the Company's Schedule TO and Prospectus/Offers to Exchange.\nThe offering period for each Offer will continue until 11:59 p.m. (New York time) on September 16, 2022, or such later time and date to which the Company may extend an Offer, as described in the Company's Schedule TO and Prospectus/Offers to Exchange (each such date, an \"Expiration Date\"). Tendered warrants may be withdrawn by holders at any time prior to the applicable Expiration Date. The Company may extend or amend an Offer without extending or amending any other Offer.\nThe Offers are being made pursuant to a Prospectus/Offers to Exchange dated August 18, 2022, and Schedule TO, dated August 18, 2022, each of which has been filed with the U.S. Securities and Exchange Commission (\"SEC\") and more fully set forth the terms and conditions of the Offers.\nChesapeake's common stock, Class A warrants, Class B warrants and Class C warrants are listed on The Nasda...