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Chesapeake to pay down term loan due 2021 via $1.25 billion of notes
By Susanna Moon
Chicago, Sept. 25 – Chesapeake Energy Corp. said it plans to repay borrowings under its secured term loan due 2021 using proceeds of $1.25 billion principal amount of senior notes.
Chesapeake plans to price senior notes due 2024 and senior notes due 2026, according to an announcement.
The paydown may also be funded using cash on hand and borrowings under the company’s revolving credit facility.
Any remaining proceeds will be used for general corporate purposes, which may include the repayment, redemption or repurchase of outstanding debt, including the company’s second-lien notes.
Chesapeake Energy is an Oklahoma City-based oil and gas producer.
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