On Oct. 1, Chesapeake Energy Corp. (CHK) alerted noteholders of its 2.75% contingent convertible senior notes due 2035 that Chesapeake can be required to purchase all or some of these on Nov. 15.
Payment of the repurchase price will be made on Nov. 16. If all outstanding notes are repurchased, the aggregate cash repurchase price will be about $396 million, the company said.
The buyback will be funded through available cash, Chesapeake added.
The buyback expires Nov. 15. The Bank of New York Mellon is the paying agent.
Chesapeake will file a tender offer statement with the Securities and Exchange Commission.
The company also recently amended its five-year, $4 billion revolving credit facility agreement. It is now a senior secured revolving credit facility, and it matures in 2019.
Chesapeake Energy Corp. is based in Oklahoma City.
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