Chesapeake Commences $1B Public Offering of Senior Notes

Chesapeake announced that it is commencing a public offering of $1.0 billion of Senior Notes due 2021. Chesapeake intends to use the net proceeds from the offering to repay indebtedness outstanding under its revolving bank credit facility, which it anticipates reborrowing from time to time to meet capital expenditure initiatives and for general corporate purposes. This offering is a part of Chesapeake's 2011 liability management program, which contemplates extending the maturity profile of its outstanding indebtedness and also retiring approximately $2.0 - $3.0 billion of its shorter-dated senior notes using the proceeds from its recently announced planned asset sales.

The notes are being offered pursuant to a shelf registration statement filed August 3, 2010 with the U.S. Securities and Exchange Commission. Chesapeake intends to list the notes on the New York Stock Exchange after issuance. Morgan Stanley & Co. Incorporated and Wells Fargo Securities, LLC will act as joint book-running mangers for the offering.


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