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Chesapeake Energy has amended and restated its senior secured revolving credit facility agreement.
The amended and restated facility received initial commitments from 15 institutions totaling $3.8 billion, which exceeded the $3.0 billion borrowing base the company was seeking.
The initial borrowing base does not include any properties being sold in the company's $2.0 billion Utica Shale transaction expected to close in the fourth quarter of 2018, thus the borrowing base will not be affected when the transaction closes.
The credit facility will mature in September 2023.
Syndicate
The credit facility is led by MUFG Union Bank, N.A., as administrative agent, co-syndication agent, swingline lender and a letter of credit issuer, and Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., as co-syndication agents, swingline lenders, and letter of credit issuers. MUFG Union Bank, N.A., Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BMO Capital Markets Corp., Citicorp North America, Inc., Cr0x00E9dit Agricole Corporate and Investment Bank, Mizuho Bank, Ltd., and Royal Bank of Canada served as joint lead arrangers and joint bookrunners for the transaction.
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