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CM - Chesapeake swaps $588MM in notes & preferred for common - September 2019

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Chesapeake Energy entered a securities exchange agreement with a large investor to retire $547.8 million aggregate principal amount of senior notes and $40 million principal amount of its 5.75% convertible preferred shares. In exchange, Chesapeake will issue 250,721,544 common shares, representing roughly 15% of the company’s current outstanding shares. Based on the prior-day closing stock price of $1.89/share, the securities swap represents a 19% discount to the aggregate par value of the notes and......
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