Chesapeake Energy (CHK) volatilility flat into Icahn reducing stake
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S&P Cuts Chesapeake Energy (CHK) to 'SD' Following Nonconvertible Notes Tender
September 20, 2016 8:26 AM EDTS&P Global Ratings lowered the corporate credit rating on Chesapeake Energy Corp. (NYSE: CHK) to 'SD' from 'CC' following the early settlement of accepted nonconvertible senior notes tendered prior to the early tender date (Aug. 25, 2016), under its tender offer for nonconvertible senior notes that commenced on Aug. 15, 2016. We viewed the below-par tender offer for the 2020 and 2023 senior notes as a distressed transaction.
At the same time, we lowered the ratings on its 6.625% notes due 2020, 6.875% notes due 2020, and 5.75% notes due 2023 to 'D' from 'CC'. The recovery rating remains '6', reflecting our... More
