Chesapeake Energy $1 billion notes offering
We advised the initial purchasers on the bond offering for Chesapeake’s emergence from bankruptcy
2/9/2021

Davis Polk advised the representatives of the several initial purchasers in connection with the Rule 144A / Regulation S offering by Chesapeake Energy Corporation of $500 million aggregate principal amount of 5.500% senior notes due 2026 and $500 million of 5.875% senior notes due 2029. The gross proceeds of this offering, together with borrowings under a new revolving credit facility, a rights offering of new shares of common stock and cash on hand, will be used to fund distributions and pay certain fees, commissions and expenses relating to Chesapeake Energy Corporation’s emergence from chapter 11.

Chesapeake Energy Corporation is an independent exploration and production company engaged in the acquisition, exploration and development of properties to produce oil, natural gas and natural gas liquids from underground reservoirs.

The Davis Polk capital markets team included partners Marcel Fausten and Stephen Salmon, counsel Christian Fischer and associate Blake Anderson. The restructuring team included counsel Aryeh Ethan Falk and associate Max J. Linder.  Partner Lucy W. Farr and counsel Sam Dimon provided tax advice. Partner Pritesh P. Shah provided intellectual property advice. Counsel David A. Zilberberg provided environmental advice. Members of the Davis Polk team are based in the New York and Northern California offices.