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Chesapeake Energy Corp. | 4.50% Cumulative Convertible Preferred Stock (CHK.PRD)

Prospectus exerpt:  We are offering 3,000,000 shares of 4.50% cumulative convertible preferred stock. The annual dividend on each share of preferred stock is $4.50 and is payable quarterly in cash, common stock or a combination thereof, in arrears, on each March 15, June 15, September 15 and December 15, commencing December 15, 2005. Each share of preferred stock has an initial liquidation preference of $100.00 per share and is convertible, at the holder’s option at any time, initially into approximately 2.2639 shares of our common stock based on an initial conversion price of $44.172 per share, subject in each case to specified adjustments. The conversion price will be adjusted as described herein upon the occurrence of certain change of control transactions and other events. The preferred stock is not redeemable by us at any time. In the event that a fundamental change occurs, we will pay a make-whole premium on preferred stock converted in connection therewith, as described in this prospectus supplement. On or after September 15, 2010, if the closing price of our common stock exceeds 130% of the conversion price for 20 trading days during any consecutive 30 trading day period, we may at our option cause the preferred stock to be automatically converted into shares of common stock at the then prevailing conversion price.

Full Prospectus PDF », CHK Page »

Redeemable?:No
Call Date:9/15/2010 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Conversion Ratio:2.2639
Conversion Price:$44.17
Shares Offered:3,000,000
Overallotment:450,000
Liquidation Preference:$100
Recent Market Price:$95.25
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-4.75 (-4.75%)
Annualized Dividend:4.50
Recent Ex-Date:5/29/2014
Current Yield:4.73%
Original Coupon:4.500%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
Chesapeake Energy is a holding company. Through its subsidiaries, Co. is engaged in the exploration, development and acquisition of properties for the production of natural gas, oil and natural gas liquids (NGL) from underground reservoirs. Additionally, Co. provides marketing, midstream, drilling and other oilfield services. Co.'s operations are located onshore and in the continental U.S. As of Dec 31 2012, Co. had estimated total proved reserves of 10.93 billion cubic feet of gas, 495.5 million barrels of oil and 297.3 million barrels of NGL.

Preferred: CHK.PRD


Open the CHK Information Page »
Name:  Chesapeake Energy Corp.
Website:  www.chk.com
Sector:  Oil & Gas Exploration & Production
Number of ETFs Holding CHK:  78 (see which ones)
Total Market Value Held by ETFs:  $672,513,007
Total Market Capitalization:  $19,000,000,000
% of Market Cap. Held by ETFs:  3.54%

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