OKLAHOMA CITY, Jan. 7, 2020 /PRNewswire/ -- Chesapeake
Energy Corporation (NYSE: CHK) ("Chesapeake" or the "Company")
today announced the expiration and final results of its tender
offer, on behalf of Brazos Valley Longhorn, L.L.C. ("BVL") and
Brazos Valley Longhorn Finance Corp. (together with BVL, the
"Issuers"), each wholly owned subsidiaries of Chesapeake (the
"Tender Offer"), to purchase for cash any and all of the
outstanding 6.875% Senior Notes due 2025 (the "Notes") issued by
the Issuers and its simultaneous solicitation of consents (the
"Consent Solicitation") with respect to certain proposed amendments
to the indenture governing the Notes. As of 11:59 p.m., New York
City time, on January 6, 2020
(the "Expiration Date"), approximately $616.2 million aggregate principal amount, or
approximately 99.74%, of the Notes were validly tendered and
related consents validly delivered.
On December 19, 2019, Chesapeake
and U.S. Bank National Association, as trustee (the "Trustee")
under the indenture governing the Notes (the "Existing Indenture"),
entered into a supplemental indenture (the "Supplemental
Indenture") containing the proposed amendments to the Existing
Indenture to, among other things, eliminate substantially all of
the restrictive covenants, certain events of default and certain
other provisions currently applicable to the Notes (the "Proposed
Amendments"). The Proposed Amendments became operative on
December 23, 2019.
Chesapeake accepted for purchase approximately $616.2 million aggregate principal amount of
Notes that were validly tendered and not validly withdrawn as of
5:00 p.m., New York City time, on December 19, 2019 (the "Early Tender Date"). The
early settlement date for the Notes occurred on December 23, 2019. No Notes were tendered after
the Early Tender Date.
J.P. Morgan Securities LLC acted as the dealer manager and
solicitation agent in the Tender Offer and Consent Solicitation.
Global Bondholder Services Corporation served as both the
depositary and the information agent for the Tender Offer and
Consent Solicitation. Persons with questions regarding the Tender
Offer and Consent Solicitation should contact J.P. Morgan
Securities LLC at (212) 834-3424 (collect) or (866) 834-4666
(toll-free). Requests for copies of the Offer to Purchase,
the related Letter of Transmittal and other related materials
should be directed to Global Bondholder Services Corporation at
(toll-free) (866) 470-4300 or (collect) (212) 430-3774.
Headquartered in Oklahoma City, Chesapeake Energy
Corporation's (NYSE: CHK) operations are focused on discovering and
developing its large and geographically diverse resource base of
unconventional oil and natural gas assets onshore in the
United States.
INVESTOR
CONTACT:
|
MEDIA
CONTACT:
|
Brad Sylvester,
CFA
|
Gordon
Pennoyer
|
(405)
935-8870
|
(405)
935-8878
|
ir@chk.com
|
media@chk.com
|
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SOURCE Chesapeake Energy Corporation