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Chesapeake Energy takes in early tenders of $945.91 million 9½% notes
By Toni Weeks
San Luis Obispo, Calif., April 24 - Chesapeake Energy Corp. said it accepted for purchase $945,908,000 of its outstanding $1,264,697,000 of 9½% senior notes due 2015 as of the early tender date, 5 p.m. ET on April 23, for the company's tender offer for any or all of the notes.
The total purchase price is $1,072 for each $1,000 principal amount of notes tendered by the early tender date.
The total payment includes an early tender premium of $30 per $1,000 of notes. Those who tender after the early tender deadline will receive the total amount less the early premium.
The tender offer will end at 11:59 p.m. ET on May 7.
The company also will pay accrued interest up to but excluding the applicable settlement date, which is April 24 for early tendered notes and May 8 for remaining tenders.
The offer is conditioned on the company issuing at least $3 billion principal amount of debt by the early settlement date, which has been satisfied. The company concluded a $3 billion issue of senior notes on April 24.
The tender offer is not contingent upon the tender of any minimum principal amount of notes.
Tendered notes may no longer be withdrawn.
Morgan Stanley & Co. LLC (800 624-1808 toll free or 212 761-1057 collect) and Citigroup Global Markets Inc. (800 558-3745 toll free or 212 723-6106 collect) are the dealer managers. D.F. King & Co., Inc. (attn.: Krystal Scrudato, banks and brokers call collect 212 269-5550, others call 800 697-6975, or email chk@dfking.com) is the tender agent and information agent.
Chesapeake is an Oklahoma City-based developer of unconventional resources.
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