HOUSTON (Reuters) - Chesapeake Energy Corp
The loan, made in May, was a lifeline at the time for the U.S. energy company that was staring at a funding shortfall of about $10 billion. So far this year, Chesapeake has sold about $12 billion of its assets, a situation that has alleviated its liquidity crunch.
Chesapeake's investment bankers on the Permian deal, Goldman Sachs
Chesapeake will reduce the existing amount on the loan to $1.2 billion in about a week and plans to pay its full balance by the end of the year, the Oklahoma City, Oklahoma, company said.
Chesapeake sold the Permian acreage to a subsidiary of Royal Dutch Shell
Total proceeds from the deals are about $3.3 billion. Payment of the remaining $500 million are subject to title and environmental contingencies, the company said.
The Permian Basin spans west Texas and eastern New Mexico.
Chesapeake shares dipped 2 cents to close at $20.79 on the New York Stock Exchange on Monday.
(Reporting by Anna Driver; editing by Leslie Gevirtz and Matthew Lewis)
Source: http://news.yahoo.com/chesapeake-pays-down-bulk-4-billion-term-loan-204442747--sector.html
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