Chesapeake Energy to convert all 2.71 million cumulative preferreds shares

By Caroline Salls

Pittsburgh, Nov. 19 - Chesapeake Energy Corp. said it will force conversion of all 2.71 million shares of its outstanding 6.75% cumulative convertible preferred stock into common stock on Nov. 22.

On the conversion date, 6.4935 shares of the common stock will be issued for each share of the preferreds and dividends on the preferred stock will cease to accrue, according to a company news release.

No payment or adjustment will be made for accrued dividends on the preferreds or dividends on the stock.

Chesapeake Energy is an Oklahoma City-based independent natural gas producer.

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