8 June 2016capital raising announcement▼ Bad
A third exchange round issued 22.0 million more shares for $125.3 million of notes, extending the pattern into a third consecutive month.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 May 2016capital raising announcement▼ Bad
A second exchange round a week later added another 37.1 million shares (5.2% dilution) for $165.5 million more in notes, continuing the same debt-reduction-through-dilution campaign.
12 May 2016capital raising announcement▼ BadMajor
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.
11 Apr 2016debt financing▼ BadMajor
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.