Chesapeake Energy announces $8.8 million repurchase program

Oklahoma City’s Chesapeake Energy Corporation is notifying holders of certain senior notes they have a nearly $8.8 million repurchase move by the company.

Chesapeake said holders of its 2.25% Contingent Convertible Senior Notes due 2038 they have the option to require the company to purchase the notes next month. The total potential cost to the company would be $8,830,235.

The purchase would be on Dec. 15, 2018 and the repurchase price would be  equal to 100% of the principal amount of the note. The company announcement stated that the Repurchase Price will be paid promptly by Dec. 17, 2018.

The repurchase option officially began Nov. 1 and will end at 5 p.m. .New York time on Dec. 12, 2018.