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CHK

Chesapeake

$6.80

0.43 (6.75%)

16:57
10/05/16
10/05
16:57
10/05/16
16:57

Chesapeake says recent transactions 'significantly' improve capital structure

Chesapeake Energy provided an update on the significant improvements in its capital structure following recent transactions.The company closed a private placement of $1.25 billion of unsecured convertible senior notes, with a provisional call feature that will give Chesapeake an opportunity to convert the debt to equity in three years if the company's stock trades above 130% of the conversion price for a specified period. The company's cash on hand as of September 30, and pro forma for the convertible debt issuance, was approximately $1.0 billion with no borrowings on its revolving bank credit facility. Additionally, today the company closed privately negotiated purchase and exchange agreements under which the company exchanged approximately 110.3 million shares of its common stock for (i) 134,000 shares of 5.00% Cumulative Convertible Preferred Stock, (ii) 606,271 shares of 5.75% Cumulative Convertible Preferred Stock and (iii) 553,007 shares of 5.75% Cumulative Convertible Preferred Stock. This amount of preferred stock represents approximately $1.2 billion of liquidation value, which was exchanged at a discount of over 40 percent. As a result of these exchange transactions, the company's common shares currently outstanding are approximately 886 million, before giving effect to future dilution from convertible securities. Chesapeake Chief Executive Officer Doug Lawler commented, "Through the transactions that closed today, we have substantially improved our capital structure. The issuance of the new unsecured convertible notes, plus the significant reduction in our preferred stock at a deep discount, results in additional liquidity and less preferred equity and is accretive to our capital structure. With the cash proceeds from the convertible note offering, we have taken measures to provide excess liquidity to address the remaining maturities of our debt through 2018, before any incremental proceeds from the potential asset sales that we are currently working. These transactions represent major steps toward reaching our financial goals of $2-3 billion of debt reduction and growing production within free cash flow. We continue to make great progress in simplifying the balance sheet and reducing the overall cost of financing, and we remain intently focused on further reductions to our operating and capital cost structure."

CHK Chesapeake
$6.80

0.43 (6.75%)

09/13/16
FBRC
09/13/16
INITIATION
Target $5
FBRC
Underperform
Chesapeake initiated with an Underperform at FBR Capital
FBR Capital analyst Joseph Allman started Chesapeake Energy with an Underperform rating and $5 price target. The company's "debt and transportation commitments hole still appears too deep to dig out of," Allman tells investors in a research note. He views Chesapeake's equity as "significantly overvalued" and thinks the company's financial condition "will continue to be stressed."
09/09/16
09/09/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Chesapeake (CHK) upgraded to Buy from Hold at Wunderlich with analyst Jason Wangler saying the company's assets are performing and its balance sheet is improving. 2. GameStop (GME) upgraded to Buy from Neutral at Hilliard Lyons. 3. Finisar (FNSR) upgraded to Buy from Neutral at MKM Partners with analyst Michael Genovese saying he is "extremely upbeat on the Optical components/module industry," and Chinese demand for 10G and 100G Optical modules appears it can stay strong for multiple years. 4. Randgold (GOLD) upgraded to Buy from Neutral at UBS with the firm citing the recent pullback in the shares and the potential for a dividend raise in 2017. 5. Teekay LNG (TGP) upgraded to Outperform from Market Perform at Wells Fargo analyst Michael Webber saying the discount to net asset value and the company's progress around financing its order book make the valuation "particularly compelling." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/09/16
WDLK
09/09/16
UPGRADE
Target $10
WDLK
Buy
Chesapeake upgraded to Buy from Hold at Wunderlich
Wunderlich analyst Jason Wangler upgraded Chesapeake Energy to Buy saying the company's assets are performing and its balance sheet is improving. The analyst raised his price target for the shares to $10 from $6.
08/16/16
08/16/16
UPGRADE

On The Fly: Top analyst upgrades
Catch up on today's top analyst upgrades with this list compiled by The Fly: 1. Vipshop (VIPS) was upgraded to Buy from Neutral at BofA/Merrill. 2. Chesapeake (CHK) was upgraded to Equalweight from Underweight and Forum Energy (FET) was upgraded to Overweight from Equalweight at Capital One. 3. Noble Corp. (NE) and Patterson-UTI (PTEN) were upgraded to Neutral from Underperform while Marathon Oil (MRO) and Sasol (SSL) were upgraded to Buy from Neutral at BofA/Merrill. 4. Shenandoah (SHEN) was upgraded to Outperform from Market Perform at Raymond James with analyst Ric Prentiss citing valuation, increased visibility into the future of the combined nTelos (NTLS) and Sprint (S) entity, and expectations of further transactions with Sprint that would expand its wireless coverage footprint and serve as a further catalysts for shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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