Moody's Affirms Chesapeake Energy's (CHK) CFR at 'Caa3'; Lifts Outlook on Speculative Grade Liquidity Rating to Positive

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

Blue Ridge Capital's 13F Shows New Stake in Och-Ziff (OZM), Increase in Chesapeake (CHK), Reduced Teva (TEVA) (more...)

August 15, 2016 11:41 AM EDT

John Griffin's Blue Ridge Capital released its 13F for the quarter ended June 30, 2016. Below is a summary

New Stakes
ALYST ACQUISITION CORP. (NASDAQ: AYA) new 1,011,200 share position
Devon Energy Corp. (NYSE: DVN) new 920,000 share position
ITAU UNIBANCO BANCO MULTIPLO S.A. (NYSE: ITUB) new 3,715,000 share position
OCH-ZIFF CAPITAL MANAGMENT GROUP LLC (NYSE: OZM) new 8,840,000 share position
Pioneer Natural Resources (NYSE: PXD) new 225,000 share position
Range Resources Corp. (NYSE: RRC) new 2,470,000 share position
TESLA MTRS (NASDAQ:... More

Chesapeake Energy (CHK) Enters $1B Term Loan Facility

August 15, 2016 6:02 AM EDT

Chesapeake Energy Corporation (NYSE: CHK) announced today that it has engaged Goldman Sachs Bank USA, Citigroup Global Markets Inc. and MUFG to assist with the arrangement of a secured five-year term loan in an aggregate principal amount of $1.0 billion. Chesapeake... More

Chesapeake Energy (CHK) Announces $500M Conv. Senior Notes Tender

August 15, 2016 6:02 AM EDT

Chesapeake Energy Corporation (NYSE: CHK) announced that it has commenced cash tender offers (collectively, the "Tender Offers," and each offer to purchase a series of notes individually, a "Tender Offer") to purchase up to $500,000,000 aggregate purchase price, exclusive of accrued interest (the "Aggregate Maximum Purchase Amount"), of the outstanding notes of Chesapeake set forth in the table below (collectively, the "Notes").

No more than $275,000,000 aggregate purchase price, exclusive of accrued interest (the "2038 Tender Cap"), of 2.25% Contingent Convertible Senior Notes due 2038 (the "2038 Notes") will be purchased in the Tender Offers. The terms and... More