Chesapeake to Sell $2.3B of Senior Notes

Chesapeake Energy Corp. intends to offer $2.3 billion of senior notes to help fund a tender offer for roughly $938 million in outstanding senior notes.

The natural-gas producer said it plans to issue the $2.3 billion of senior notes in three separate series: one maturing in 2016, another maturing in 2021 and the last maturing in 2023.

The company also launched a tender offer for all of the $464.1 million principal amount outstanding in 7.625% senior notes due 2013 and all of the $473.7 million principal amount outstanding in 6.875% senior notes due 2018.

The total price per $1,000 principal amount, including a $30 early-tender premium, will be $1,020.00 for the 2013 notes and $1,074.50 for the 2018 notes.

The company said the remaining proceeds will be used to redeem its 6.775% senior notes due 2019, pending a favorable ruling in a declaratory judgment playing out in U.S. District Court in New York.

Chesapeake Energy wants to buy back $1.3 billion of the 2019 bonds. But a group of hedge funds have said the company failed to give proper notice to buy back the bonds and demanded a 30% premium, or roughly $400 million.

U.S. District Judge Paul Engelmayer, in a ruling Thursday, refused to declare that Chesapeake could redeem bonds at face value. But, he added it was "overwhelmingly clear" that Chesapeake cannot be forced to pay a premium in a game of "Gotcha." He asked to see more information.

Patrick McGee contributed to this report.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Sunset Industries Notes Availability of Drilling Performance Fluid

Sunset Industries confirmed an immediate availability worldwide of its Drilling Performance Fluid because of a strategic relationship that has been accepted from a top 3 company oilfield company for global distribution.

"As of 2/18/13, operators can immediately order our product and increase profitability with all wells worldwide," said Mike Long, CEO at Sunset Industries.

Many operators in the United States have already benefited from this cutting edge Drilling Performance Fluid. Recently a top U.S. operator used the product in the Granite Wash with a direct comparison wells that were 110 feet apart. Well #1 was drilled straight to KOP with no torque issues. The Drilling Performance Fluid was called in for use because Well #2 was approaching max torque limits shortly after intermediate casing due to a 12 degree tangent, starting at 500 feet. At this time it appeared that the well could not be completed.

Well #1 had no Drilling Performance Fluid and Well #2 had the product in the system at 3 percent concentration. Results from well #2, they finished the curve 54 percent faster, there was 37 percent reduction in torque, from end of curve a 12 percent increase in ROP, in addition they saved 2 Drill Bits & 2 Trip Outs.

With over 150,000 in savings a company spokesperson said, "We would not have been able to complete this hole without the Pro One Drilling Performance Fluid." (Case studies available upon request)

The Feb. 18 update is driven by customer feedback and is part of Sunset Industries' commitment to deliver the latest product updates and competitive enhancements.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Suicide notes tied to man who killed two, self in Casper

Font ResizeCops and CourtsAssociated PressAssociated PressPosted: 12/16/2012 06:15:46 PM MSTDecember 17, 2012 1:17 AM GMTUpdated: 12/16/2012 06:15:51 PM MST

CASPER, wyo. — Investigators say they found two suicide notes written by a man who killed his father in front of a computer science class at a Wyoming community college.

The Casper Star-Tribune reports court documents indicate an officer found one note in 25-year-old Christopher Krumm's car and a second note at Casper College. The documents don't specify exactly where the second note was found or the contents of either note.

Police say Krumm barged into a classroom at the college Nov. 30 and shot his father, 56-year-old James Krumm, with an arrow in front of a handful of students. As the students fled, the Vernon, Conn., man stabbed his father with a knife, then killed himself.

Before the campus slaying, the younger Krumm fatally stabbed his father's girlfriend, 42-year-old Heidi Arnold, at the home she and James Krumm shared.

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