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Chesapeake's term loan for financing of tender offers upsized to $1.5B

's termloan, intended to finance tenderoffers for its unsecured notes, has been upsized to $1.5 billionfrom $1 billion.

Thefive-year term loan will bear interest at a rate of LIBOR plus 7.50% per annum,subject to a 1.00% LIBOR floor, and will be made at par without original issuediscount, according to an Aug. 17 news release. The loan will be secured by thesame collateral that secures Chesapeake's revolving credit facility, accordingto an Aug. 17 news release.

Theloan, which is expected to close on or before Aug. 23, will be unconditionallyguaranteed on a joint and several basis by Chesapeake's domestic subsidiariesthat are guarantors under its revolving credit facility. The closing of thefinancing is subject to customary closing conditions and final documentation.

Thecompany said the financing and the tender offers are anticipated to improve thecompany's financial flexibility by reducing its near-term maturing debt.

Remainingproceeds from the loan will be used for further debt repayments and othergeneral corporate purposes.

GoldmanSachs Bank USA, Citigroup Global Markets Inc. and MUFG acted as joint leadarrangers for the offering.