Chesapeake Energy to Swap 250.7 Million Shares for $588 Million Notes, Preferred
September 10 2019 - 11:15AM
Dow Jones News
By Colin Kellaher
Chesapeake Energy Corp. (CHK) on Tuesday said it agreed to issue
about 250.7 million common shares to a large, unnamed investment
manager in exchange for about $588 million in senior notes and
preferred stock.
The Oklahoma City energy company said the move retires the
securities at a significant discount and reduces its annual
interest and preferred dividend payments by about $35 million.
Chesapeake said it may engage in similar transactions in the
future as it works to pare its debt load.
Shares of Chesapeake rose 3.7% to $1.96 in Tuesday morning
trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 10, 2019 11:00 ET (15:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Chesapeake Energy (NASDAQ:CHK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Chesapeake Energy (NASDAQ:CHK)
Historical Stock Chart
From Apr 2023 to Apr 2024
