Chesapeake closes $4B senior unsecured revolving credit facility

Chesapeake Energy Corp.

Chesapeake Energy Corp. (NYSE:CHK) has closed on a new five-year, $4 billion senior unsecured revolving credit facility. The new facility replaces the existing $4 billion senior secured revolving credit facility that was scheduled to mature in December 2015. The aggregate commitments may be increased up to an additional $1 billion, and the new credit agreement matures Dec. 15, 2019, with two one-year extension options.

Chesapeake intends to use the proceeds of the new unsecured credit facility for working capital and general corporate purposes.

The new credit facility was led by MUFG Union Bank NA, as administrative agent, co-syndication agent, swingline lender, and a letter of credit issuer, and by Wells Fargo Bank, National Association, as co-syndication agent, swingline lender, and a letter of credit issuer. Bank of America NA, Crédit Agricole Corporate and Investment Bank, and JPMorgan Chase Bank NA are co-documentation agents and letter of credit issuers. MUFG Union Bank NA and Wells Fargo Securities LLC served as joint lead arrangers and joint bookrunners for the transaction.

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