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Chesapeake Energy announced today that it has engaged JPMorgan Chase Bank, N.A., Morgan Stanley Bank, N.A., Bank of America, N.A. and MUFG Bank, N.A. to assist with the arrangement of a secured first lien last out 4.5-year term loan facility in the aggregate principal amount of up to $1.5 billion.
Chesapeake intends to use the net proceeds of the loan to finance a tender offer and consent solicitation announced today for unsecured notes issued by Brazos Valley Longhorn, and Brazos Valley Longhorn Finance Corp., each a wholly owned subsidiary of Chesapeake, and to fund the retirement of Brazos Valley's existing secured revolving credit facility.
Chesapeake annouced a drastically reduced 2020 development plan. The plan calls for the company to invest $1.45 billion, down -40% from 2019. The company plans to operate 13 rigs, down from 20 the company operated in 2019.
Eagle Ford will have 4-6 rigs, Powder River will have (2-3) and Marcellus will have (2-3) rigs.
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