Debt | Capital Markets | Private Equity Activity
Chesapeake Gets $1 Billion Loan
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Chesapeake Energy Corporation announced that it has engaged Goldman Sachs Bank USA, Citigroup Global Markets Inc. and MUFG to assist with the arrangement of a secured five-year term loan in an aggregate principal amount of $1.0 billion.
Chesapeake intends to use the net proceeds of the loan to finance tender offers for certain of its unsecured notes.
Chesapeake expects this financing and the tender offers to improve its financial flexibility as it will allow for the retirement of existing debt with upcoming maturities.
The loan will be from one or more commercial banks, and will be secured by the same collateral securing the company's revolving credit facility (with a position in the collateral proceeds waterfall junior to the credit facility).
Chesapeake Energy Corporation announced that…
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