Chesapeake exchanges $27.3 million 4.125% convertibles, $29.6 million 5% convertibles for stock

New York, Sept. 28 - Chesapeake Energy Corp. said it exchanged $27.325 million of its 4.125% cumulative convertible preferred stock for common stock and $29.5734 million of its 5% cumulative convertible preferred stock for common stock in five privately negotiated transactions.

Effective Sept. 19, Chesapeake issued 376,436 shares of common stock in exchange for $6 million or 3.62% of its outstanding 4.125% cumulative convertible preferred stock. The transaction closed on Sept. 22.

Also effective Sept. 19, Chesapeake issued 125,504 shares of common stock in exchange for $2 million or 1.25% of its outstanding 4.125% cumulative convertible preferred stock. The transaction closed on Sept. 22.

In a third transaction effective Sept. 19, Chesapeake issued 622,963 shares of common stock in exchange for $10 million or 6.30% of its outstanding 5% cumulative convertible preferred stock. The transaction closed on Sept. 22.

Effective Sept. 20, Chesapeake issued 1,214,600 shares of common stock in exchange for $19.325 million or 12.24% of its outstanding 4.125% cumulative convertible preferred stock. The transaction closed on Sept. 27.

Also effective Sept. 20, Chesapeake issued1,218,723 shares of common stock in exchange for $19.5734 million or 13.15% of its outstanding 5% cumulative convertible preferred stock. The transaction closed on Sept. 27.

All the transactions were unsolicited, the Oklahoma City-based oil and natural gas company said in an 8-K filing with the Securities and Exchange Commission.

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