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Chesapeake posts early results of senior notes tender offer

Chesapeake Energy Corp. released the early results of its ongoing tender offer to purchase 6.875% senior notes due 2025 issued by its subsidiaries Brazos Valley Longhorn LLC and Brazos Valley Longhorn Finance Corp.

As of the early tender date of Dec. 19, roughly $616.2 million, or about 99.74%, of the notes have been validly tendered, according to a Dec. 20 news release. Holders of notes that have been validly tendered before Dec. 19 will get a total consideration of $1,000 per $1,000 of notes tendered, which includes a tender offer consideration of $950 and an early tender premium of $50.

The oil and gas driller also elected to have an early settlement date of Dec. 23 for notes that have been validly tendered on or before the early tender date. The tender offer is scheduled to expire at 11:59 p.m. ET on Jan. 6, 2020.

The tender offer is part of a number of transactions aimed at strengthening its financial flexibility and providing support for its debt burdens.

J.P. Morgan Securities LLC served as the dealer manager and solicitation agent in the offer.