Chesapeake Energy exchanges $78.45 million convertible preferreds for stock

New York, July 19 - Chesapeake Energy Corp. said it exchanged a total of $78.45 million of its 4.125% cumulative convertible preferred stock for common shares in two transactions.

Effective June 28, Chesapeake issued 2,911,250 shares for $45 million or 14.4% of its 4.125% convertibles. The transaction closed on July 1.

In the second exchange, effective July 18, Chesapeake issued 2,225,111 shares for $34.452 million or 12.8% of the convertibles. Closing is scheduled for July 22.

Each swap was made with a single holder of the preferreds and neither was solicited by the company.

Chesapeake, an Oklahoma City-based independent oil and gas exploration and production company, disclosed the exchanges in an 8-K filing with the Securities and Exchange Commission.

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