Why Chesapeake Energy's Stock Is in Rally Mode Today
Shares of Chesapeake Energy (NYSE: CHK) rallied more than 10% by 2:30 p.m. EST on Wednesday. Driving the rebound in the energy stock was the result of its notes-exchange offer.
Chesapeake Energy has been working on all angles to improve its balance sheet. Earlier this month, for example, the company secured a $1.5 billion term loan, which it used to refinance the credit facility related to a recent acquisition. With a 4 1/2 year term, the loan bought it time since the credit facility would have matured next year.
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Source Fool.com