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Chesapeake Energy gets $883.5M in valid tenders to exchange senior notes

Chesapeake Energy Corp. received $883.5 million in valid tenders to exchange some of its outstanding senior unsecured notes for new 8.00% senior notes due 2026.

As of the early tender date of March 18, Chesapeake received $228.4 million of tenders for the $437.0 million of 6.625% senior notes due 2020; $134.1 million for the $227.7 million of 6.875% senior notes due 2020; $381.2 million for the $547.5 million of 6.125% senior notes due 2021; and $139.8 million for the $266.7 million of 5.375% senior notes due 2021.

Holders who validly tendered their notes before the early tender date would receive early exchange considerations for every $1,000 of notes, with the consideration depending on the series of notes, according to a March 19 news release.

The exchange offers are set to expire at 11:59 p.m. ET on April 1. The settlement date for the exchange offers is slated for April 3.

Chesapeake is an oil and natural gas exploration and production company that owns interests in the Marcellus Shale, Haynesville Shale, Eagle Ford Shale, Brazos Valley region, Powder River Basin and Midcontinent production areas.