Chesapeake Energy Corporation Announces Early Results Of Exchange Offers For Senior Notes And Increase In Maximum Exchange Amount
OKLAHOMA CITY, Dec. 18, 2019 /
PRNewswire/ -- Chesapeake Energy Corporation (NYSE: CHK) ("Chesapeake" or the "Company") today announced the preliminary results of its previously announced private offers to exchange (each, an "Exchange Offer," and collectively, the "Exchange Offers") its new 11.5% Senior Secured Second Lien Notes due 2025 (the "Second Lien Notes") for certain outstanding senior unsecured notes listed in the table below (the "Existing Notes") upon the terms and subject to the conditions set forth in the Company's confidential offering memorandum, dated December 4, 2019. As of 5:00 p.m., New York City time, on December 17, 2019 ("the Early Tender Date"), approximately $3.22 billion aggregate principal amount, or approximately 71.4%, of Existing Notes were validly tendered and not validly withdrawn in the Exchange Offers.
Chesapeake also announced that (1) the Minimum Second Lien Note Condition (as defined in the confidential offering memorandum) has been satisfied, (2) it has increased the maximum aggregate exchange amount in the Exchange Offers from $1,500,000,000 to $2,210,156,000 (the "New Maximum Exchange Amount") and (3) it has elected to have an early settlement date of December 19, 2019 for Existing Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date (the "Early Settlement Date"). All other terms and conditions of the Exchange Offers, as previously announced and described in the confidential offering memorandum, remain unchanged.
The following table sets forth the approximate aggregate principal amount of each series of Existing Notes that were validly tendered and not validly withdrawn on or prior to the Early Tender Date, as well as the acceptance priority level (the "Acceptance Priority Level") for such series, and the applicable consideration offered for such series in the applicable Exchange Offer and the aggregate principal amount of each series of Existing Notes to be accepted on the Early Settlement Date.
Title of Series of Existing
Notes
CUSIP
Number(s)
Aggregate
Outstanding
Principal Amount
Acceptance
Priority Level(1)
Aggregate
Principal
Amount of
Existing Notes
Tendered
Principal
Amount to be
Accepted in
Early
Settlement
Early Exchange
Consideration,
if Tendered and
Not Withdrawn
at or Prior to
the Early
Tender Date(2)
8.00% Senior Notes due
2027
165167CV7
165167CZ8
$1,090,000,000
1
$837,265,000
$837,253,000
$700.00
8.00% Senior Notes due
2026
165167DC8
U16450AY1
$918,514,000
2
$872,653,000
$872,653,000
$700.00
8.00% Senior Notes due
2025
165167CT2
165167CU9
U16450AU9
$1,244,498,000
3
$998,530,000
$998,526,000
$700.00
7.50% Senior Notes due
2026
165167DB0
$400,000,000
4
$281,065,000
$281,063,000
$620.00
7.00% Senior Notes due
2024
165167DA2
$850,000,000
5
$226,407,000
$226,405,000
$620.00