Finance & Investing | Debt | Capital Markets | Private Equity Activity
Chesapeake Initiates $3.0B Senior Note Offering
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Chesapeake Energy Corporation is commencing a public offering of $3.0 billion in aggregate principal amount of its senior notes, which the company expects will be issued in three separate series, one maturing in 2019, another maturing in 2022 and the last maturing in 2026.
Chesapeake intends to use the net proceeds from the offering to repay its existing unsecured term loan, redeem its 6.875% Senior Notes due 2018 and purchase the portion of its 9.500% Senior Notes due 2015 that are tendered in its concurrent tender offer for such notes. To the extent that any portion of the net proceeds of the offering is not used as described above, Chesapeake plans to use such net proceeds for general corporate purposes, which may include the purchase, repayment and/or redemption of outstanding indebtedness.
The senior notes are being offered pursuant to a shelf registration statement filed August 7, 2013, with the U.S. Securities and Exchange Commission. Chesapeake intends to list the notes on the New York Stock Exchange after issuance. Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. will act as joint book-running managers for the offering of the notes due 2019. Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Mitsubishi UFJ Securities, (USA) Inc. will act as joint book-running managers for the offering of the notes due 2022 and the notes due 2026.
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