Chesapeake fills nearly 60% of Senior Notes offered

 

 

(PRNewsfoto/Chesapeake Energy Corporation)

 

Chesapeake Energy Corporation in Oklahoma City says its private offers to exchange new 8% Senior Notes due 2026 resulted in $883.5 million in offerings.

The company said it totaled 59.7% of existing notes as of 5 p.m. New York City time on March 18, 2019.

The following table sets forth the approximate aggregate principal amounts of each series of Existing Notes that were validly tendered and not validly withdrawn on or prior to the Early Tender Date.

Title of Series Aggregate Principal Amount Outstanding

(in millions)

Approximate Aggregate Principal Amount of Existing Notes Tendered(1)

(in millions)

Early Exchange Consideration, if Tendered and Not Withdrawn Prior to the Early Tender Date(2)
6.625% senior notes due 2020 $437.0 $228.4 $1,040.75
6.875% senior notes due 2020 $227.7 $134.1 $1,051.90
6.125% senior notes due 2021 $547.5 $381.2 $1,046.80
5.375% senior notes due 2021 $266.7 $139.8 $1,007.17

 

(1)

 

Notes tendered have not yet been accepted. As stated below, it is currently expected that there will only be one settlement date for the Exchange Offers, which will occur promptly after the Expiration Date (as defined below).
(2) Principal amount of New Notes issuable for each $1,000 principal amount of applicable Existing Notes.

The Exchange Offers will expire at 11:59 p.m., New York City time, on April 1, 2019. It is currently expected that there will only be one settlement date for the Exchange Offers, which will occur promptly after the Expiration Date and is currently expected to occur on April 3, 2019 , subject to all conditions to the Exchange Offers having been satisfied or waived by the Company.

 

 

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