© 2014 The Texas Lawbook.
By Natalie Posgate – (December 18) – Chesapeake Energy Corporation has closed a new five-year, $4 billion senior unsecured revolving credit facility from a group of banks.
The Oklahoma City-based energy giant turned to Baker Botts in Houston to lead its end of the transaction. Lawyers on the deal included partners Lyman Paden and Chad McCormick; associates Josephine Vashi, Chad Davis and Rachael Lichman; and attorneys from the firm’s New York office.
In-house Chesapeake lawyers involved in the deal were Associate General Counsel Doug Nix and Dave Hershberger.
It isn’t the first time this year for Baker Botts to handle a high-dollar deal for Chesapeake. In June, the firm handled the $2.2 billion spinoff of Chesapeake’s oilfield services operations, named Seventy Seven Energy.
Counsel Brian Minyard of Simpson Thacher in Houston represented MUFG Union Bank, which led the credit facility. He received assistance from partner Robert Rabalais, who is also based in the firm’s Houston office.
Other banks that provided the credit facility included Wells Fargo, Bank of America, Crédit Agricole Corporate and Investment Bank and JP Morgan Chase.
The credit facility replaces the existing $4 billion senior secured revolving credit facility that was scheduled to mature in December 2015. The aggregate commitments may be increased up to an additional $1 billion.
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