Chesapeake Energy Corporation Announces $1.25 Billion Senior Notes Offering

OKLAHOMA CITY, Sept. 25, 2018 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE:CHK) today announced that it has commenced an underwritten public offering, subject to market and other conditions, of $1,250,000,000 aggregate principal amount of senior notes, consisting of a series of senior notes due 2024 (the "2024 Notes") and a series of senior notes due 2026 (the "2026 Notes" and, together with the 2024 Notes, the "Notes"). Chesapeake intends to use the net proceeds from this offering, together with cash on hand and borrowings under its revolving credit facility (if necessary), to repay borrowings under its secured term loan due 2021 (the "Term Loan"). If the net proceeds from the offering exceed the amount due under the Term Loan, Chesapeake intends to use the remaining net proceeds from the offering for general corporate purposes, which may include the repayment, redemption or repurchase of outstanding indebtedness, including its second lien notes.

This offering is being made only by means of a prospectus supplement and the accompanying base prospectus.  Chesapeake has an effective shelf registration statement, filed on August 3, 2017, on file with the Securities and Exchange Commission. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and MUFG Securities Americas Inc. will act as joint book-running managers for the offering of the Notes. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, by telephone: (866) 471-2526, by facsimile: (212) 902-9316 or by e-mail: [email protected]; from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717 or by telephone: (866) 803-9204; from Wells Fargo Securities, LLC, Attn: WFS Customer Service, 608 2nd Ave S, Suite 1000, Minneapolis, MN 55402, by telephone: (800) 645-3751, Opt. 5 or by e-mail: [email protected]; or from MUFG Securities Americas Inc., by telephone: (877) 649-6848. An electronic copy of these documents will be available on the SEC's website at www.sec.gov.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale is unlawful.

Headquartered in Oklahoma City, Chesapeake Energy Corporation's (NYSE:CHK) operations are focused on discovering and developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States. Chesapeake also owns an oil and natural gas marketing business.

This news release includes "forward-looking statements" that give Chesapeake's current expectations or forecasts of future events, including the use of proceeds and other matters relating to the proposed notes offering. Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties (including those stated in Chesapeake's Annual Report on Form 10-K for the year ended December 31, 2017 and its other filings with the SEC), that could cause actual results to differ materially from the expectation expressed. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this news release, and we undertake no obligation to update this information, except as required by applicable law.

SOURCE Chesapeake Energy Corporation