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Chesapeake Energy Corp, the second-largest U.S. natural gas producer, said on Monday that it had arranged a $1 billion five-year term loan that it would use to buy back senior notes due between 2017 and 2038. Chesapeake shares closed up about 9.5 percent Monday.
The company, whose total debt stood at about $8.68 billion as of June 30, said it had commenced tender offers to buy back $500 million of convertible senior notes due 2037 and 2038.
The company said it also commenced tender offers to buy back another $500 million of senior notes due between 2017 and 2023.
Chesapeake said Goldman Sachs Bank USA, Citigroup Global Markets Inc and MUFG helped arrange the term loan.
The company last week announced the sale of its Barnett shale acreage in Texas and said it renegotiated an expensive pipeline contract, steps estimated to save it more than $1.9 billion in future liabilities.
Moody's rated the new loan CAA1. The ratings agency also changed the outlook to positive from negative because of better-than-expected execution on asset sales, benefits from the pending sale of its Barnett shale acreage in Texas and other factors.
Chesapeake also said it renegotiated an expensive pipeline contract, steps estimated to save it more than $1.9 billion in future liabilities, Reuters reported.
Share of Chesapeake energy climbed 21.9 percent so far this year.