Chesapeake Announces Pricing of Common Stock Offering
Chesapeake Energy Corporation announced that it has priced a public offering of 20 million shares of its common stock at $45.75 per share. The company has also granted the underwriters a 30-day option to purchase a maximum of three million additional shares of its common stock. Chesapeake expects the issuance and delivery of the shares to occur on April 2, 2008, subject to customary closing conditions.
Chesapeake intends to use the net proceeds from the offering initially to repay outstanding indebtedness under its revolving bank credit facility, which may be re-borrowed from time to time to fund its recently announced drilling and land acquisition initiatives and for general corporate purposes. The offering is being made pursuant to an effective registration statement filed with the Securities and Exchange Commission.
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- Chesapeake Energy Posts Smaller Quarterly Loss (Feb 23)