Chesapeake Energy (CHK) Issues 18.8M Shares in Exchange for Convertible Preferred Stock
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As of January 19, 2017, Chesapeake Energy Corporation (NYSE: CHK) entered into privately negotiated purchase and exchange agreements under which the Company has issued or has agreed to issue an aggregate of 18,791,301 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), in exchange for (i) 150,948 shares of 5.00% Cumulative Convertible Preferred Stock (Series 2005B), (ii) 95,600 shares of 5.75% Cumulative Convertible Preferred Stock, and (iii) 82,429 shares of 5.75% Cumulative Convertible Preferred Stock (Series A) (collectively, the “Exchange Transactions”). The Company may engage in similar transactions in the future but is under no obligation to do so.
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