Chesapeake Makes Proposed Senior Note Exchange Official

Oklahoma City’s Chesapeake Energy has gone ahead and made official its proposed offer to exchange nearly $3 billion in Senior Notes due in the coming years.

In an April 11 filing with the Securities and Exchange Commission, the energy company put a 5 p.m. New York City time on its May 9 deadline for the offer.

The offer to exchange includes $1.3 billion of 8% Senior Notes due 2025 and equal amount on 8% Senior Notes due 2027.

“We will exchange all outstanding notes that are validly tendered and not validly withdrawn for an equal principal amount of the corresponding series of exchange notes that we have registered under the Securities Act,” stated the company in filing the offer at the SEC.

Included in the filing was a statement by the company that as of Dec. 31, 2017, Chesapeake had “total consolidated indebtedness of $9.981 billion, $6.551 billion of which was unsecured indebtedness and $3.430 billion of which was secured indebtedness.”