Getting your Trinity Audio player ready...
Nov 1 (Reuters) – Chesapeake Energy Corp said
Thursday it is working with banks to issue $2 billion in debt to
pay off more-expensive loans on its bloated balance sheet.
The company said it is setting up a five-year term loan
facility, and would use proceeds to pay off a loan it obtained
in May of this year, as well as other debt.
Earlier this year a series of Reuters investigations raised
questions about potential conflicts of interest on the part of
Chief Executive Aubrey McClendon and alleged collusion over land
prices.
The company is set to post quarterly earnings after the
close of the stock market on Thursday.
Bank of America Corp, Goldman Sachs Group Inc
and Jefferies Group Inc are working with Chesapeake on
the new loan facility.
