Chesapeake Energy offering $850 million 10-year convertible notes

By Stephanie N. Rotondo

Seattle, Sept. 29 – Chesapeake Energy Corp. intends to price an $850 million private placement of convertible senior notes due 2026, the company said in a press release on Thursday.

The Rule144A deal also includes a $150 million over-allotment option.

The notes will be convertible into stock or a combination of stock and cash at the company’s option.

Proceeds will be used for general corporate purposes, which may include debt repurchases and the repayment of a credit facility and senior notes with near-term maturities.

Chesapeake is an Oklahoma City-based oil and gas producer.

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