Chesapeake Energy to repay revolver debt with $600 million note sale proceeds

By Caroline Salls

Pittsburgh, Nov. 30 - Chesapeake Energy Corp. will repay debt under its revolving bank credit facility using proceeds from its offering of $600 million of senior notes due 2015, according to a company news release.

Proceeds will also be used to fund the company's recently announced tender offer for all its $210 million outstanding 8 3/8% senior notes due 2008, to fund the acquisition of certain natural gas properties from Hallwood Energy Corp. and for general corporate purposes, including to fund costs of its drilling program and possible future acquisitions.

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

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