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Chesapeake starts senior notes exchange offer

Chesapeake Energy Corp. is offering to exchange $45.9 million of unregistered 8.00% senior notes due 2026 for the same amount of registered senior notes.

The exchange notes will have the same terms and be issued under the same indenture as the outstanding notes. The corporation said it will not receive any proceeds from the exchange offer, according to a Jan. 10 SEC filing.

There is no final expiration date yet for the offer.

Chesapeake in April 2019 issued $918.5 million of the senior notes due 2026 and entered a registration rights agreement, under which it agreed to complete an exchange offer for the notes on or before April 2.

Chesapeake focuses on the exploration and production of oil, gas and NGLs in the U.S.