Chesapeake Energy exchanges 4.125% convertibles, 5% convertibles for stock

New York, Nov. 4 - Chesapeake Energy Corp. said it exchanged $12.515 million of its 4.125% cumulative convertible preferred stock and $26.65 million of its 5% cumulative convertible preferred stock for common stock in six privately negotiated transactions.

The exchanges are the latest in a series carried out by Chesapeake.

Effective Sept. 28, Chesapeake issued 252,580 shares of common stock in exchange for $4.035 million or 2.9% of its outstanding 4.125% cumulative convertible preferred stock. The transaction closed on Sept. 30.

Also effective Sept. 28, Chesapeake issued 1,119,331 shares in exchange for $17.99 million or 13.9% of its outstanding 5% cumulative convertible preferred stock. The transaction closed on Sept. 30.

Effective Sept. 29, Chesapeake issued 530,676 shares of common stock in exchange for $8.527 million or 7.7% of its outstanding 5% cumulative convertible preferred stock. The transaction closed on Sept. 30.

In the fourth transaction reported Friday and effective Oct. 4, Chesapeake issued 284,100 shares of common stock in exchange for $4.53 million or 3.4% of its outstanding 4.125% cumulative convertible preferred stock. The transaction closed on Oct. 6.

Also effective Oct. 4, Chesapeake issued 8,281 shares of common stock in exchange for $133,000 million or 0.1% of its outstanding 5% cumulative convertible preferred stock. The transaction closed on Oct. 6.

Effective Oct. 7, Chesapeake issued 249,280 shares of common stock in exchange for $3.95 million or 3.0% of its outstanding 4.125% cumulative convertible preferred stock. The transaction closed on Oct. 19.

All the transactions were unsolicited, the Oklahoma City-based oil and natural gas company said in an 8-K filing with the Securities and Exchange Commission.

Previously, on Sept. 28, Chesapeake said it exchanged $27.325 million of its 4.125% cumulative convertible preferred stock for common stock and $29.5734 million of its 5% cumulative convertible preferred stock for common stock in five privately negotiated transactions.

On Aug. 16, the company said it exchanged $54.323 million of its 4.125% cumulative convertible preferred stock and $13.682 million of its 5.0% cumulative convertible series 2003 preferred stock for common stock.

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