EXPAND ENERGY Corp

Expand Energy agreed to acquire Twin Eagle, an independent natural gas marketing and trading business, for $1.25 billion - delivering on the global marketing-and-trading ambition the company laid out when the Southwestern Energy merger was first announced.

business combination

EXPAND ENERGY Corp deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

Expand Energy replaced its credit facility with a new $3.5 billion unsecured revolving facility (expandable to $4.5 billion) maturing in 2030 - a large, unsecured, investment-grade-style facility that stands in sharp contrast to the secured, covenant-heavy credit agreements Chesapeake relied on before its 2020 bankruptcy.

debt financing

The $750 million note offering closed, adding long-dated, investment-grade-priced debt to Expand Energy's balance sheet.

debt financing

Expand Energy raised $750 million in a public offering of 5.700% notes due 2035, issuing debt at markedly better terms than Chesapeake's pre-merger high-yield notes - a direct benefit of its new investment-grade profile.

material agreement

A follow-up filing confirmed the Southwestern Energy merger had formally closed on October 1, 2024, with Southwestern now a wholly owned subsidiary of the renamed Expand Energy Corporation - now the largest natural gas producer in the US.

business combination

Now renamed Expand Energy after closing the Southwestern Energy merger, the company amended its bond indentures and credit agreement to reflect newly achieved investment-grade credit ratings, a milestone that releases collateral and eases covenants versus its prior secured, high-yield debt structure.

material agreement

Chesapeake completed its all-stock merger with Southwestern Energy, renamed itself Expand Energy, and began trading as EXE on Nasdaq -- forming the largest natural gas producer in the US and marking the company's full recovery from its 2020 bankruptcy.

asset acquisition disposition

The FTC's antitrust waiting period on the Southwestern Energy merger expired, clearing the last major hurdle; the companies said the deal would close in the first week of October and the combined company would be renamed Expand Energy, trading on Nasdaq as "EXE."

merger communication

The Southwestern Energy merger's registration statement was declared effective on May 17, 2024, and Chesapeake and Southwestern began mailing the joint proxy statement to shareholders for the merger vote.

merger communication

As the merger registration statement was formally filed, CEO Nick Dell'Osso announced the post-close executive team (himself as CEO, Chris Lacy as General Counsel, Mohit Singh as CFO, Josh Viets as COO) and an expanded board chaired by Mike Wichterich, drawing from both Chesapeake and Southwestern.

merger communication

The FTC issued a "second request" for more information on the Southwestern Energy merger, extending the antitrust review and pushing the expected closing from mid-2024 into the second half of the year.

merger communication

Registration statement and joint proxy for Chesapeake's all-stock merger with Southwestern Energy, the deal that produced the largest US gas producer: 0.0867 Chesapeake shares per Southwestern share, about $6.69 a share and roughly $7.4 billion in total at the January 10, 2024 announcement. Neither side's holders get appraisal rights, and Chesapeake owes Southwestern a $389 million break fee in the circumstances the agreement specifies.

business combination

Chesapeake and Southwestern's joint press release detailed the merger's $7.4 billion equity value, expected synergies, and plan to build an investment-grade balance sheet as a combined company.

merger communication

Chesapeake agreed to merge with Southwestern Energy in an all-stock deal valued at about $24 billion in combined enterprise value (0.0867 Chesapeake shares per Southwestern share), creating the largest natural gas producer in the US by combining their Appalachia and Haynesville positions; Chesapeake shareholders will own about 60% of the combined company, which will take a new name with Nick Dell'Osso as CEO.

merger communication

Chesapeake's formal 8-K disclosed the Southwestern Energy merger agreement along with change-of-control severance terms for executives who could be affected by the deal.

business combination

Chesapeake's investor presentation on the Southwestern Energy merger detailed roughly $400 million in expected annual synergies, combined production of 7.9 Bcfe/d, and plans to build a Houston-based global gas marketing and trading business.

merger communication

The warrant exchange offers closed with roughly half to two-thirds of each class tendered (51% of Class A, 64% of Class B, 65% of Class C), completing the simplification of Chesapeake's post-bankruptcy capital structure that CEO Nick Dell'Osso had targeted.

merger communication

Chesapeake offered to buy in all three classes of warrants issued to creditors on its emergence from bankruptcy, paying in common stock. The number of shares is not fixed: for each class it is the sum of daily share amounts over an observation period, so warrantholders take the risk of Chesapeake's share price across that window rather than knowing what they get when they tender. The offers were set to expire on 16 September 2022.

security holder rights change

Chesapeake launched exchange offers letting holders of its Chapter 11-emergence Class A, B and C warrants swap them for common stock, aiming to simplify its capital structure and clear the way to resume its $2 billion share and warrant buyback program.

merger communication

The Chief/Tug Hill Marcellus acquisition and the related Powder River Basin sale both closed, and Chesapeake granted the Chief sellers registration rights on the roughly 7.6 million new shares issued as part of the purchase price.

asset acquisition disposition

Chesapeake agreed to buy Chief E&D Holdings and Tug Hill's Marcellus (Pennsylvania) natural gas assets for $2.0 billion cash plus about 9.4 million shares, funding part of the purchase by selling its Powder River Basin (Wyoming) oil assets to Continental Resources for roughly $450 million - deepening its Marcellus gas focus and lifting its dividend 14% to $2.00 per share.

material agreement

Chesapeake completed its acquisition of Vine Energy, finalizing the Haynesville consolidation announced in August and adding Vine's Louisiana gas acreage to its portfolio.

asset acquisition disposition

Registration statement for Chesapeake's purchase of Vine Energy, the Haynesville gas producer: $1.20 in cash plus 0.2486 Chesapeake shares for each Vine Class A share, leaving Chesapeake holders with about 84% of the combined company and Vine's with 16%. Vine owes a $45 million break fee if its board switches sides - a small one, and there is no reciprocal fee from Chesapeake.

business combination

Chesapeake's investor materials on the Vine Energy acquisition detailed the deal's rationale and flagged a planned 27% dividend increase to $1.75 per share once the deal closes.

business combination

Chesapeake agreed to acquire Vine Energy, a Blackstone-backed Haynesville gas producer, in a $2.2 billion, mostly-stock deal that consolidates the Haynesville play, adds roughly 370 premium drilling locations, and is expected to lift Chesapeake's five-year free cash flow outlook by about $1.5 billion.

merger communication

EXPAND ENERGY Corp deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Ahead of exiting Chapter 11 on February 9, 2021, Chesapeake issued $1 billion of new exit notes ($500 million each of 5.5% notes due 2026 and 5.875% notes due 2029) and relisted on Nasdaq as "CHK," with former creditors receiving new stock and Class A/B/C warrants - marking its emergence from bankruptcy with a much lighter balance sheet.

debt financing

the exchange certified EXPAND ENERGY Corp's securities for listing, clearing them to begin trading.

listing compliance notice

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

The NYSE moved to delist Chesapeake's stock following the Chapter 11 filing; shares began trading over-the-counter under "CHKAQ" instead.

listing compliance notice

Chesapeake signed a restructuring support agreement with its lenders and noteholders and filed for Chapter 11 bankruptcy protection on June 28, 2020 - the culmination of years of debt-fueled strain through the shale bust, positioning creditors to convert debt into equity in the reorganized company.

bankruptcy or receivership

Chesapeake's lenders cut its borrowing base from $3.0 billion to $2.3 billion and waived defaults, while the company chose to skip roughly $13.5 million in bond interest payments - a default warning shot just weeks before it filed for bankruptcy.

debt financing

the exchange certified EXPAND ENERGY Corp's securities for listing, clearing them to begin trading.

listing compliance notice

Chesapeake amended its credit agreement again to accommodate the note exchange and raised $120 million from institutional investors, continuing to patch its balance sheet as the NYSE delisting clock ran.

debt financing

Chesapeake exchanged existing unsecured notes for new 11.5% senior secured second-lien notes due 2025 - a distressed-debt exchange whose high coupon underscores how much the market's view of its credit risk had deteriorated.

debt financing

The NYSE warned Chesapeake that its stock had traded below the $1.00 minimum average price for 30 straight days, starting a six-month clock to regain compliance or face delisting.

listing compliance notice

Chesapeake tightened its credit agreement again - raising the interest margin, requiring at least $250 million of liquidity at all times, and swapping out a leverage covenant - signaling deepening balance-sheet stress heading into 2020.

material agreement

In its largest exchange yet, Chesapeake issued 250.7 million new shares -- a massive dilution -- to a single large investment manager for nearly $588 million of preferred stock and senior/convertible notes, just months before its NYSE delisting notice and under a year before its Chapter 11 filing.

capital raising announcement

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

Chesapeake exchanged $918.5 million of its near-term 2020 and 2021 notes for new 8.00% notes due 2026, pushing out looming maturities as it continued managing a heavy debt load post-WildHorse.

debt financing

Chesapeake completed its acquisition of WildHorse Resource Development, folding it into a subsidiary and immediately amending its credit facility to wall off the newly acquired Eagle Ford entity's debt as an "unrestricted subsidiary" -- oil-growth expansion financed with continued balance-sheet caution.

asset acquisition disposition

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

Registration statement and joint proxy for Chesapeake's purchase of WildHorse Resource Development, its move into the Eagle Ford. WildHorse holders elect either 5.336 Chesapeake shares plus $3.00 cash or 5.989 shares outright, worth about $22.85 and $22.28 respectively when the deal was signed on October 29, 2018; Goldman Sachs advised Chesapeake, and Chesapeake owes a $120 million reverse break fee if it is the side that fails to close.

business combination

Chesapeake agreed to acquire WildHorse Resource Development, an Eagle Ford/Austin Chalk operator in Texas, in a stock-and-cash deal - a bet on adding oil-weighted growth using proceeds from its recent Utica sale, even as it takes on more shares and debt.

business combination

Alongside strong third-quarter 2018 results (record cash flow, oil production up 13%), Chesapeake disclosed the same-day WildHorse Resource Development merger agreement to investors.

business combination

The Utica Shale sale to Encino closed for about $1.868 billion in net cash, completing the divestment Chesapeake announced in July and freeing up proceeds to pay down debt.

asset acquisition disposition

Chesapeake raised $1.25 billion in a public offering of new 7.00% notes due 2024 and 7.50% notes due 2026, continuing to refinance its debt load even as it kept a high-yield profile.

debt financing

Chesapeake replaced its 2014 credit agreement with a new $3.0 billion facility (expandable to $4.0 billion) maturing in 2023, taking advantage of improved standing after the Utica sale and other debt paydowns.

debt financing

Chesapeake agreed to sell its Ohio Utica Shale acreage - about 320,000 net acres and roughly 750 wells - to Encino Acquisition Partners for approximately $1.9 billion, part of a shift away from gas-heavy Utica toward its oil-focused Powder River Basin and Eagle Ford positions.

material agreement

Chesapeake issued another $300 million of its 2025 notes and $550 million of its 2027 notes, tapping the same series it had placed in late 2016 and mid-2017 to keep smoothing its debt maturity schedule.

debt financing

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

Chesapeake privately placed another $750 million of 8.00% senior notes, due 2027, extending its refinancing push further out on the maturity curve.

debt financing

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

EXPAND ENERGY Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

Chesapeake privately placed $1.0 billion of new 8.00% senior notes due 2025, continuing its debt-refinancing campaign to manage a heavy near-term maturity wall.

debt financing

Chesapeake raised $1.24 billion net by privately placing 5.5% convertible senior notes due 2026 through Goldman Sachs, using proceeds to pay down its revolver and near-term debt maturities.

capital raising announcement

Chesapeake borrowed $1.5 billion in a new second-lien term loan to fund tender offers for its unsecured notes, part of an ongoing effort to push out debt maturities and de-risk its balance sheet.

debt financing

Chesapeake began a debt-for-equity exchange program during the shale-gas downturn, issuing 28.1 million new shares (4.1% dilution) for $153 million face value of convertible and senior notes.

capital raising announcement

Chesapeake amended its senior credit agreement, reaffirming a $4.0 billion borrowing base but deferring the next redetermination and suspending several leverage and interest-coverage covenants into 2017 - an early sign of balance-sheet strain during the 2015-16 gas price downturn.

debt financing