The loan, which is led by Goldman Sachs and Jefferies, is talked at 700bp over Libor with a 1.5 percent Libor floor. The loan is being sold at a discount of 96 cents on the dollar. Commitments are due Tuesday.

Proceeds are to repay borrowings under the company's existing revolving credit facility. The new facility ranks pari passu to Chesapeake's outstanding senior notes. It is set to mature on December 2, 2017.

During the remainder of the year, Chesapeake plans to complete asset sales totaling $9-11.5 billion and intends to use a portion of the proceeds from these asset sales to repay the bridge loan. If the asset sale does not fully repay the loan, pricing steps up to 800bp over Libor.

Additionally, if the loan is not fully repaid by January 1, 2013, pricing steps to 1,000bp over Libor with a T+50 make-whole provision. The provision benefits investors and creates an incentive to the issuer to pay down the loan beforehand. "I like it because of the near-term paydown," said a loan investor.

Chesapeake has received strong interest from prospective buyers of its Permian Basin asset-sales process and its Mississippi Lime joint venture process and the company expects to complete these two transactions in the third quarter of 2012, the issuer said in a press release.

Beginning on May 11, 2013, lenders will have the option to exchange their loans for 11.5 percent notes.

"People are in both camps," said the loan investor. "It all depends on whether you think there's fraud risk."

(Editing by Jon Methven)

By Leela Parker and Lisa Lee