Trending
Stocks.org
You are at:»»Chesapeake Energy Corporation (NYSE:CHK) Prices $500M Notes Offering
ce

Chesapeake Energy Corporation (NYSE:CHK) Prices $500M Notes Offering

464
By on Energy & Solar, S&P 500

Chesapeake Energy (NYSE:CHK)  shares fell Friday after the natural gas producer earlier priced a $500 million private placement of 6.5% senior notes due July 2022 to repay debt at its Seventy Seven Energy oilfield-services (SSE) unit ahead of its planned spinoff. 

Net proceeds from the deal will be distributed to SSE, which plans to use those funds to repay all of its current debt under a new, asset-backed loan facility linked to the upcoming spinoff. Any remaining funds will be used for general corporate purposes at the company. 

CHK directors earlier this week finalized the SSE separation into a stand-alone entity and approving the distribution ratio, with shareholder receiving one SSE share for every 14 CHK shares they own on the June 19 record date. 

CHK shares were down about 0.6% at $30.32 apiece, earlier slipping to a session low of $32.16 a share. The stock has a 52-week range of $19.32 to $30.80 a share, advancing 46.5% over the past 12 months.

 

Get Free Updates and Stock Alerts!



*We only send one email per week
Share.

Related Posts

Get Winning Stock Alerts!

Our track record speaks for itself! Our last 7 alerts have delivered combined gains in excess of 300% and there are no signs of slowing down. Join UltimateStockAlerts.com now before you miss out on our next big runner!

We will never sell or share your information.
Close