OKLAHOMA CITY, Sept. 25, 2018 /PRNewswire/ -- Chesapeake Energy
Corporation (NYSE:CHK) today announced that it has commenced an underwritten public offering, subject to market and other
conditions, of $1,250,000,000 aggregate principal amount of senior notes, consisting of a series of
senior notes due 2024 (the "2024 Notes") and a series of senior notes due 2026 (the "2026 Notes" and, together with the 2024
Notes, the "Notes"). Chesapeake intends to use the net proceeds from this offering, together with cash on hand and borrowings
under its revolving credit facility (if necessary), to repay borrowings under its secured term loan due 2021 (the "Term Loan").
If the net proceeds from the offering exceed the amount due under the Term Loan, Chesapeake intends to use the remaining net
proceeds from the offering for general corporate purposes, which may include the repayment, redemption or repurchase of
outstanding indebtedness, including its second lien notes.
This offering is being made only by means of a prospectus supplement and the accompanying base prospectus. Chesapeake
has an effective shelf registration statement, filed on August 3, 2017, on file with the Securities
and Exchange Commission. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and MUFG Securities
Americas Inc. will act as joint book-running managers for the offering of the Notes. Copies of the preliminary prospectus
supplement and the accompanying prospectus relating to the offering may be obtained from Goldman Sachs & Co. LLC, Prospectus
Department, 200 West Street, New York, NY 10282, by telephone: (866) 471-2526, by facsimile:
(212) 902-9316 or by e-mail: Prospectus-ny@ny.email.gs.com; from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY, 11717 or by telephone: (866) 803-9204; from Wells Fargo Securities,
LLC, Attn: WFS Customer Service, 608 2nd Ave S, Suite 1000, Minneapolis, MN 55402, by telephone:
(800) 645-3751, Opt. 5 or by e-mail: wfscustomerservice@wellsfargo.com; or from MUFG Securities Americas Inc., by telephone: (877) 649-6848. An
electronic copy of these documents will be available on the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer, solicitation or sale is unlawful.
Headquartered in Oklahoma City, Chesapeake Energy Corporation's (NYSE:CHK)
operations are focused on discovering and developing its large and geographically diverse resource base of unconventional oil and
natural gas assets onshore in the United States. Chesapeake also owns an oil and natural gas
marketing business.
This news release includes "forward-looking statements" that give Chesapeake's current expectations or forecasts of future
events, including the use of proceeds and other matters relating to the proposed notes offering. Although we believe the
expectations and forecasts reflected in our forward-looking statements are reasonable, we can give no assurance they will prove
to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties
(including those stated in Chesapeake's Annual Report on Form 10-K for the year ended December 31,
2017 and its other filings with the SEC), that could cause actual results to differ materially from the expectation
expressed. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this
news release, and we undertake no obligation to update this information, except as required by applicable law.
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INVESTOR CONTACT:
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MEDIA CONTACT:
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CHESAPEAKE ENERGY CORPORATION
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Brad Sylvester, CFA
(405) 935-8870
ir@chk.com
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Gordon Pennoyer
(405) 935-8878
media@chk.com
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6100 North Western Avenue
P.O. Box 18496
Oklahoma City, OK 73154
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SOURCE Chesapeake Energy Corporation