Chesapeake Energy Corp. (NYSE: CHK) said on May 23 it had issued or agreed to issue about 5% of its outstanding shares in exchange for debt over the past week, the second such transaction this month.

Chesapeake and other oil and gas producers have been undertaking debt-for-equity swaps or bond swaps to reduce interest payments and debt, taken on during a frenzy of shale development.

The company, which has more than $9 billion in debt, said on May 23 it issued or agreed to issue about 37.1 million shares between May 16 and May 23 in exchange for senior notes worth about $166 million. The notes are due in 2017, 2019, 2037 and 2038.

Chesapeake, the second-largest U.S. natural gas producer, swapped $153 million of debt for about 4% of its equity earlier this month.

Up to close on May 23 of $3.67, Chesapeake's stock had lost more than three-fourths of its value over the past year.