CHESAPEAKE ENERGY CORPORATION OKLAHOMA CITY, Sept. 27, 2016 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE: CHK) announced today the expiration and final results of its offers to purchase for cash (the "Tender Offers") up to $800,000,000 aggregate purchase price (exclusive of accrued interest) (the "Aggregate Maximum Purchase Amount") of the outstanding notes of Chesapeake set forth in the table below (collectively, the "Notes"). As of 11:59 p.m., New York City time, on September 26, 2016 (such date and time, the "Expiration Date"), Chesapeake received valid tenders totaling approximately $933.3 million aggregate principal amount of the Notes.
The following table sets forth the approximate aggregate principal amounts of each series of Notes that were tendered and not withdrawn on or prior to the Expiration Date:
Series of Notes CUSIP Number/ ISIN Aggregate Principal Amount Approximate Aggregate Principal Aggregate Principal Amount
Outstanding Prior to Tender Amount of Notes Tendered Accepted on Early Settlement
Offers Date Tender Caps(1) Acceptance Priority Level Total Consideration(2) (3)
--------------- ------------------ --------------------------- -------------------------------- ----------------------------- ------------- ------------------------- -------------------------
6.25% Euro-
denominated
Senior Notes
due 2017 XS0273933902 EUR302,108,000 EUR36,208,000 EUR35,958,000 $400,000,000 1 EUR1,000.00
6.5% Senior
Notes due 2017 165167BS5 $315,126,000 $82,725,000 $82,374,000 1 $1,000.00
7.25% Senior
Notes due 2018 165167CC9 $531,138,000 $71,267,000 $70,968,000 1 $995.00
Floating Rate
Senior Notes
due 2019 165167CM7 $948,501,000 $444,467,000 $444,322,000 $610,000,000 2 $915.00
6.625% Senior
Notes due 2020 165167CF2 $822,087,000 $17,530,000 $15,205,000 3 $845.00
6.875% Senior
Notes due 2020 165167BU0 $302,163,000 $12,824,000 $11,116,000 3 $845.00
165167BT3
USU16450AQ87
6.125% Senior
Notes due 2021 165167CG0 $584,346,000 $34,305,000 $29,998,000 3 $812.50
5.375% Senior
Notes due 2021 165167CK1 $276,171,000 $4,571,000 $3,907,000 3 $767.50
4.875% Senior
Notes due 2022 165167CN5 $607,188,000 $173,845,000 $154,133,000 3 $752.50
5.75% Senior
Notes due 2023 165167CL9 $384,390,000 $51,360,000 $45,538,000 3 $762.50
---------------
(1) The Short-Dated
Tender Cap applies to the
aggregate purchase price
(exclusive of accrued interest) of
the 6.25% Euro-denominated Senior
Notes due 2017, the 6.5% Senior
Notes due 2017 and the 7.25%
Senior Notes due 2018,
collectively, and the New Long-
Dated Tender Cap applies to the
aggregate purchase price
(exclusive of accrued interest) of
the Floating Rate Senior Notes due
2019, the 6.625% Senior Notes due
2020, the 6.875% Senior Notes due
2020, the 6.125% Senior Notes due
2021, the 5.375% Senior Notes due
2021, the 4.875% Senior Notes due
2022 and the 5.75% Senior Notes
due 2023, collectively. In
addition, the 6.625% Senior Notes
due 2020, the 6.875% Senior Notes
due 2020, the 6.125% Senior Notes
due 2021, the 5.375% Senior Notes
due 2021, the 4.875% Senior Notes
due 2022 and the 5.75% Senior
Notes due 2023, collectively, are
subject to the Priority 3 Tender
Cap (as defined in the Offer to
Purchase). For purposes of
determining the application of the
Short-Dated Tender Cap, the
aggregate purchase price
(exclusive of accrued interest) to
be paid in Euros for the 6.25%
Euro-denominated Senior Notes due
2017 will be converted into U.S.
dollars at an exchange ratio of
$1.1162 to EUR1.00 as of 5:00
p.m., New York City time, on
August 12, 2016, as set forth by
the Bloomberg EURUSD Spot Exchange
Rate.
(2) Per EUR1,000
principal amount of 6.25% Euro-
denominated Senior Notes due 2017
and $1,000 principal amount of
Notes (other than the 6.25% Euro-
denominated Senior Notes due 2017)
validly tendered and accepted for
purchase in the applicable Tender
Offer (exclusive of any accrued
interest, which will be paid in
addition to the Tender Offer
Consideration or the Total
Consideration, as applicable, to,
but not including, the applicable
Settlement Date (each as defined
in the Offer to Purchase)).
Subject to the $800,000,000
aggregate maximum purchase amount,
the Current Tender Caps and
proration described in the Offer
to Purchase, notes validly
tendered at or prior to the Early
Tender Date will be accepted for
purchase before any notes validly
tendered after the Early Tender
Date.
(3) Includes the
applicable Early Tender Premium
(as defined in the Offer to
Purchase).
Chesapeake accepted for purchase approximately $897.7 million aggregate principal amount of Notes that were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on August 25, 2016 (the "Early Tender Date") for an aggregate consideration of approximately $800.0 million, excluding accrued and unpaid interest. Because the aggregate purchase price (exclusive of accrued interest) of Notes validly tendered at or prior to the Early Tender Date exceeded the Aggregate Maximum Purchase Amount, no Notes tendered after the Early Tender Date were accepted.
Goldman, Sachs & Co. acted as the dealer manager in the Tender Offers. Global Bondholder Services Corporation served as both the depositary and the information agent for the Tender Offers. Persons with questions regarding the Tender Offers should contact Goldman, Sachs & Co. at (toll-free) (800) 828-3182 or (collect) (212) 902-6941.
From time to time after completion of the Tender Offers, Chesapeake and its affiliates may purchase additional Notes in the open market, in privately negotiated transactions, through additional tender offers, exchange offers or otherwise, or Chesapeake may redeem Notes that are able to be redeemed, pursuant to their terms. Any future purchases, exchanges or redemptions may be on the same terms or on terms that are more or less favorable to holders of Notes than the terms of the Tender Offers. Any future purchases, exchanges or redemptions by Chesapeake and its affiliates will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives (or combinations thereof) Chesapeake and its affiliates may choose to pursue in the future.
Headquartered in Oklahoma City, Chesapeake Energy Corporation's (NYSE: CHK) operations are focused on discovering and developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States. The company also owns oil and natural gas marketing and natural gas gathering and compression businesses.
INVESTOR CONTACT: MEDIA CONTACT:
Brad Sylvester,CFA Gordon Pennoyer
(405) 935-8870 (405) 935-8878
ir@chk.com media@chk.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chesapeake-energy-corporation-announces-final-results-of-cash-tender-offers-for-non-convertible-senior-notes-300334563.html
SOURCE Chesapeake Energy Corporation
