trending Market Intelligence /marketintelligence/en/news-insights/trending/G3zaKi2Pt0ZYDQpe9ZN7CA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Chesapeake Energy increases tender offer, prices term loan

Essential Energy Insights - May 14, 2020

Credit Risk: Identifying Early Warning Signals In The Oil And Gas Industry

Stress Testing Energy Companies in the Current Environment

Infographic Solar Power by the Numbers The US Canada and Mexico

Chesapeake Energy increases tender offer, prices term loan

Chesapeake Energy Corp. amended its previously announced cash tender offer to purchase 6.875% senior notes due 2025 issued by its subsidiaries Brazos Valley Longhorn LLC and Brazos Valley Longhorn Finance Corp.

Under the amendment, Chesapeake is now offering to pay $950 for every $1,000 of notes validly tendered, according to a Dec. 10 news release. The company previously offered to pay $920 for every $1,000 of notes tendered.

Noteholders who tender at or before 5 p.m. ET on Dec. 19 are eligible to receive an early tender premium of $50 per $1,000 of notes tendered. The tender offer is scheduled to expire at 11:59 p.m. ET on Jan. 6, 2020.

Chesapeake also priced its proposed $1.5 billion term loan, the proceeds of which will be used to fund the tender offer for the 2025 notes and retire Brazos Valley's existing secured revolving credit facility, according to a separate same-day news release. The 4.5-year loan will bear interest at the London interbank offered rate plus 8.00% per annum.

The transactions are expected to allow Brazos Valley and its subsidiaries to support Chesapeake's debt, according to the news release.

Closing of the term loan is slated to occur on or around Dec. 23, subject to customary conditions.