Chesapeake Energy to convert 6% convertible preferred stock

By Angela McDaniels

Seattle, March 17 - Chesapeake Energy Corp. will convert all of its outstanding 6% cumulative convertible preferred stock into Chesapeake Energy common stock on Monday, according to a company news release.

On the conversion date, holders will receive 4.8605 shares of common stock for each share of 6% preferred stock and dividends on the preferred stock will cease to accrue. Cash will be paid in lieu of fractional shares.

No payment or adjustment will be made upon conversion of the preferred stock for accrued dividends.

There are currently 99,110 shares of preferred stock outstanding, according to the release.

The conversion agent is UMB Bank NA (816 860-7411).

Chesapeake Energy produces natural gas and is based in Oklahoma City.

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