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Chesapeake increases exchange amount for private offers to over $2.2B

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Essential Energy Insights - January 2021


Chesapeake increases exchange amount for private offers to over $2.2B

Chesapeake Energy Corp. increased the exchange amount of 11.5% senior secured second-lien notes in its previously announced private offers for certain outstanding Chesapeake senior unsecured notes.

Chesapeake raised the maximum exchange amount of second-lien notes that it will issue in the offers to $2.21 billion from $1.50 billion, according to a Dec. 18 news release. The oil and gas driller also elected to have an early settlement date of Dec. 19 for notes that are validly tendered but not withdrawn. As of 5:00 p.m. ET on Dec. 17, roughly $3.22 billion aggregate principal amount, or about 71.4%, of the existing senior unsecured notes have been validly tendered and not withdrawn.

The exchange offers are set to expire at 11:59 p.m. ET on Jan. 2, 2020.