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Chesapeake Energy Corporation (NYSE:CHK) stock shot up as much as 14.58% during early trading hours, after the company announced reaffirmation of its $4-billion borrowing base for the secured revolving credit facility agreement. This comes on the back of the recent redetermination review by its bank syndicate group, according to which the company has to pledge more assets as collateral.
Under the amended agreement, the lenders have agreed to postpone the next scheduled borrowing redetermination until June 2017. Chesapeake also received relief in the senior secured leverage ratio covenant until September 2017. In addition to this, a collateral value coverage test has been added, wherein the company’s borrowing capacity will be limited if its collateral coverage ratio falls below 1.25x, as of March 31, 2017.
Moreover, the second-largest US natural gas producer has agreed to maintain a minimum liquidity amount of $500 million at all times. However, this condition will rise to $750 million, if the collateral coverage ratio sinks below 1.1x, as of December 31, 2016.
The amended terms also enable Chesapeake to incur up to $2.5 billion of first lien indebtedness, secured on an equal basis with the existing obligations. However, the company has to provide payment priority to the existing lenders for the first lien indebtedness, and is subject to the other conditions outlined in the junior lien debt agreement.
The energy company remained in headlines for numerous reasons, which include a potential bankruptcy filing. In a dramatic turn of events, co-founder and former CEO Aubrey McClendon died just a day after he was charged with conspiracy allegations.
The troubled company has made a considerable effort to reduce its leverage situation to win market confidence. At the end of last year, it impact was able to trim its debt 17.1% from $11.8 billion at the end of 2014 to $9.7 billion. Sell-side firms saw the initiative as the right step toward a better financial position, expecting that the asset divestment will provide it the much-needed financial cushion.
Source: BIDness ETC
Broad Street Alerts has not been compensated for the mention of (CHK) and we do not hold any positions.