Chesapeake Energy Corp. released the results of its ongoing cash tender offers for up to $550 million of its outstanding senior notes and scheduled the early settlement date for Oct. 13.
For the $1.74 billion of 8% senior secured second lien notes due 2022, Chesapeake received $1.32 billion of tenders and accepted $320.4 million. The second lien notes have a $350 million tender cap.
For the $572.6 million of 6.625% senior notes due 2020, $135.6 million of notes were tendered and the same amount accepted by Chesapeake. For the $279.0 million of 6.875% senior notes due 2020, $51.3 million notes were tendered and the same amount accepted. Both series of senior notes together have a $200 million tender cap.
For $550.3 million of 6.125% senior notes due 2021, Chesapeake received $55.2 million of tenders and accepted $2.8 million. For $270.0 million of 5.375% senior noes due 2021, $62.6 million of notes were tendered and $3.2 million accepted. Both series of senior notes have a tender cap equal to $200 million less the aggregate purchase price of the 6.625% senior notes due 2020 and 6.875% senior notes due 2020, collectively.
The deadline to validly withdraw tenders has ended. The tender offers are due to expire on Oct. 25. Morgan Stanley & Co. LLC is acting as the dealer manager.