The Oklahoma City-based player is using the proceeds of the five-year secured term loan to begin cash tender offers for senior unsecured notes.
Any remaining proceeds will be used for further debt payments and general corporate purposes.
“Chesapeake expects this financing and the tender offers to improve its financial flexibility by reducing its near-term maturing debt,” the company said.
Chesapeake confirmed last week an earlier Upstream report that it is exiting the Barnett shale onshore play in the US following a sale to Saddle Barnett Resources.
