Oklahoma City-based Chesapeake gave lenders 22 million shares - about 2.9% of the total outstanding – to retire $125.3 million in a variety of notes debt that would have come due between 2018 and 2022.
At Chesapeake’s latest closing price of $4.98 cents per share, the shares were worth a total of $109.56 million.
The biggest debt reductions came from holders of Chesapeake’s floating rate senior notes due 2018, which swapped out $76.3
