Chesapeake Energy Corporation Announces Cash Tender Offers for up to $500 million Aggregate Purchase Price of Contingent Convertible Senior Notes

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Go back to Chesapeake Energy Corporation Announces Cash Tender Offers for up to $500 million Aggregate Purchase Price of Contingent Convertible Senior Notes

S&P Downgrades Chesapeake Energy (CHK) to 'CC'; Outlook is Negative

August 15, 2016 3:07 PM EDT

Highlights -

U.S.-based Chesapeake Energy Corp. has announced two tender offerings totaling $1 billion for its senior unsecured and convertible notes.Although near-term maturities are tendered at or close to par, the longer-dated maturities, in particular, the 6.625% and 6.875% notes due 2020 and 5.75% 2023 senior notes, are at a material discount to par, which we view as a distressed transaction and selective default if those notes are included in the tender as we assume.As a result, we are lowering the corporate credit rating to 'CC' from 'CCC'.Chesapeake is marketing a $1 billion first-lien... More