Chesapeake, Ascent Resources Float New Round of IOUs

Although the two companies and their actions are unrelated, we found it interesting that both Ascent Resources and Chesapeake Energy (big Marcellus/Utica drillers) floated plans yesterday to raise more money by issuing new IOUs (called “notes”). In the case of Ascent (founded by Aubrey McClendon), they’re issuing $600 million of new notes (due payable in 2026) in order to pay off $525 million worth of notes due in 2022. In the case of Chesapeake Energy (co-founded by Aubrey McClendon), they’re issuing $1.25 billion in new notes (due payable in 2024 & 2026) to repay a loan due in 2021. Keep kickin’ that debt can down the road…

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