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Nearly half of Chesapeake's $1.2B note offering tendered early

Chesapeake Energy Corp. reported that $552.6 million of its $1.2 billion senior notes offering were tendered as of Dec. 19, the early tender date.

Of the nearer-term notes, $89.0 million of the 6.5% senior notes due 2017, $285.0 million of the 7.25% senior notes due 2018 and $124.6 million of the floating rate senior notes due 2019 have been tendered. These notes have no tender cap.

Of the 2020 notes, $26.6 million of the 6.625% senior notes and $12.0 million of the 6.875% senior notes have been tendered. The notes are capped at $150 million.

Of the long-dated notes, $4.0 million of the 6.125% senior notes due 2021, $2.3 million of the 5.375% senior notes due 2021, $1.8 million of the 4.875% senior notes due 2022, $6.2 million of the 8.00% senior secured second lien notes due 2022, and $1.1 million of the 5.75% senior notes due 2023 have been tendered. These also have a tender cap of $150 million.

Chesapeake has not yet accepted any of the notes tendered for purchase, but the company expects to settle by Dec. 21. The deadline to validly withdraw tenders has passed. The offers are due to expire on Jan. 4, 2017.

Deutsche Bank Securities Inc. is acting as the dealer manager and Global Bondholder Services Corp. is serving as both the depositary and the information agent for the tender offers.