Press release
Chesapeake Energy Corporation Announces Private Exchange Offers For Senior Notes
OKLAHOMA CITY, Dec. 4, 2019 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE:CHK) (the "Company") today announced the commencement of private offers of up
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[{"type":"text","content":"OKLAHOMA CITY, Dec. 4, 2019 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE:CHK) (the \"Company\") today announced the commencement of private offers of up to $1,500,000,000 aggregate principal amount (the \"Maximum Exchange Amount\") of its new 11.5% Senior Secured Second Lien Notes due 2025 (the \"Second Lien Notes\") in exchange for certain outstanding senior unsecured notes (collectively, the \"Existing Notes\") issued by the Company, upon the terms and subject to the conditions set forth in the Company's confidential offering memorandum and the related letter of transmittal, each dated December 4, 2019. The Company may, subject to applicable law, increase the Maximum Exchange Amount without extending the Early Tender Date (as defined below) or reinstating withdrawal rights. The Company does not expect to increase the Maximum Exchange Amount to an amount greater than $2,340,000,000, if at all. The Exchange Offers are conditioned upon sufficient Existing Notes being tendered such that at least $1,500,000,000 aggregate principal amount of Second Lien Notes will be issued in the Exchange Offers (the \"Minimum Second Lien Note Condition\").\n\n \nThe following table sets forth each series of Existing Notes subject to the exchange offers, the acceptance priority level (the \"Acceptance Priority Level\") for such series and the applicable consideration offered for such series in the applicable exchange offer (each, an \"Exchange Offer\" and collectively, the \"Exchange Offers\").\nAs of December 4, 2019, Eligible Holders (as defined below) representing (a) approximately $723 million, or approximately 79%, of the aggregate principal amount of the 8.00% Senior Notes due 2026 and (b) approximately $262 million, or approximately 25%, of the aggregate principal amount of the 8.00% Senior Notes due 2027 have committed to tender their Existing Notes in the applicable Exchange Offer at or prior to the applicable Early Tender Date.\nThe Exchange Offers are being made only to Eligible Holders. Eligible Holders must validly tender (and not validly withdraw) their Existing Notes at or prior to 5:00 p.m., New York City time, on December 17, 2019 (the \"Early Tender Date\"), in order to be eligible to receive the applicable \"Early Exchange Consideration\" shown in the table above. Existing Notes validly tendered (and not validly withdrawn)...