Chesapeake Energy to repay revolver debt with convertible, stock, bond proceeds

By Sara Rosenberg

New York, June 26 - Chesapeake Energy Corp. plans on repaying outstanding debt under its revolving credit facility using proceeds from a proposed $500 million mandatory convertible preferred stock offering, a proposed public offering of 20 million shares of its common stock and a proposed $500 million senior notes offering, according to company news releases.

In addition to repaying the bank debt, proceeds from the various offerings will be used to fund the Barnett Shale acquisitions for $932 million and for general corporate purposes.

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

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