Friday, May 11, 2012

Chesapeake Gets a New $3 Billion Loan

(Reuters) - Chesapeake Energy Corp said it had received a $3 billion loan from Goldman Sachs and Jeffries Group that will give it breathing room to sell assets and close a funding gap this year.
The unsecured loan will be used to repay money borrowed under its existing $4 billion revolving credit facility, Chesapeake said.
"This short-term loan from Goldman and Jefferies provides us with significant additional financial flexibility as we execute our asset sales during the remainder of 2012," Chief Executive Aubrey McClendon said in a statement.
The company, the nation's second largest natural gas producer, said it plans to sell $9.0 billion to $11.5 billion in assets this year.
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