Chesapeake Energy announced amendment of exchange offers relating to warrants


(PRNewsfoto/Chesapeake Energy Corporation)



Chesapeake Energy Corporation  announced Monday that it has amended its previously announced exchange offers relating to its outstanding different warrants.

The announcement covered Class A warrants, Class B warrants and Class C warrants, each to purchase shares of common stock, par value $0.01 per share, of the Company. Chesapeake extended the offering period for each Offer until 11:59 p.m. (New York City time) on October 7, 2022.

The company said it is offering to all holders of the warrants the opportunity to receive a number of shares of common stock to be determined over a ten trading day volume-weighted average trading price measurement period, in each case, for warrants validly tendered and accepted for exchange pursuant to the Offers, as further described in Chesapeake’s Schedule TO and Prospectus/Offers to Exchange, each, as amended. In connection with the amendment, the measurement period is now expected to begin on September 26, 2022.

Tendered warrants may be withdrawn by holders at any time prior to the applicable Expiration Date. The company may extend or amend an Offer without extending or amending any other Offer.

The Offers are being made pursuant to an amended Prospectus/Offers to Exchange dated September 12, 2022, and an amended Schedule TO, dated September 12, 2022, each of which has been filed with the U.S. Securities and Exchange Commission (“SEC”) and more fully set forth the terms and conditions of the Offers.

Chesapeake’s common stock, Class A warrants, Class B warrants and Class C warrants are listed on The Nasdaq Stock Market LLC under the symbols “CHK,” “CHKEW,” “CHKEZ” and “CHKEL,” respectively. As of August 17, 2022, there were 120,848,720 shares of common stock, 9,751,853 Class A warrants, 12,290,669 Class B warrants and 11,269,865 Class C warrants outstanding.

The Company has engaged Citigroup Global Markets Inc., Cowen and Company, LLC and Intrepid Partners, LLC as the dealer managers for the Offers.

Source: Chesapeake release