A revolving credit facility allows companies to withdraw money from lenders when needed.
In a research note Monday, Citi Research analyst Marisa Moss said the amended credit facility will give Chesapeake time to "ride out a low commodity price environment." Chesapeake, like other energy companies, has been hurt by falling oil prices. To combat that, It has been slashing spending and selling assets.
To maintain the $4 billion amount, Chesapeake said it had to offer more of its assets as collateral.
The company also agreed to keep at least $500 million in liquidity. If it doesn't meet certain terms by the end of the year, that amount would rise to $750 million.
Shares of Chesapeake Energy Corp., based in Oklahoma City, Oklahoma, rose 50 cents, or 13.3 percent, to $4.26 in midday trading Monday morning. Its shares are down more than 71 percent in the past year.