Press release
Chesapeake Energy Corporation Announces Increase In Consideration For Cash Tender Offer And Commitments To Tender From Majority Of Holders
OKLAHOMA CITY, Dec. 10, 2019 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE: CHK) ("Chesapeake" or the "Company") announced today an amendment to its
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[{"type":"text","content":"OKLAHOMA CITY, Dec. 10, 2019 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE: CHK) (\"Chesapeake\" or the \"Company\") announced today an amendment to its previously announced cash tender offer and consent solicitation (the \"Tender Offer\"), on behalf of its wholly owned subsidiaries Brazos Valley Longhorn, L.L.C. (\"BVL\") and Brazos Valley Longhorn Finance Corp. (together with BVL, the \"Issuers\"), for the 6.875% Senior Notes due 2025 (the \"Notes\") issued by the Issuers. The Tender Offer, which is subject to certain terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated December 4, 2019 (the \"Offer to Purchase\"), has been amended to increase the tender offer consideration from $920.00 per $1,000 principal amount of Notes validly tendered and accepted for purchase in the Tender Offer to $950.00 per $1,000 principal amount of Notes validly tendered and accepted for purchase in the Tender Offer. As a result of this increase in the tender offer consideration, the New Total Consideration (defined below), in respect of Notes that are validly tendered at or prior to the Early Tender Date (defined below), is $1,000 per $1,000 principal amount of Notes validly tendered and accepted for purchase in the Tender Offer.\n\n \nAs previously disclosed, concurrently 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 c...