Chesapeake Energy Is Borrowing $3 Billion From Goldman Sachs And Jefferies

chesapeake energy

Photo: Chesapeake Energy

Chesapeake Energy announced it had secured a $3 billion unsecured loan from Goldman Sachs and affiliates of Jefferies Group.The net proceeds of the loan will be used to repay borrowings under the company’s existing corporate revolving credit facility, the company said.

“This short-term loan from Goldman and Jefferies provides us with significant additional financial flexibility as we execute our asset sales during the remainder of 2012,” CEO Aubrey McClendon said in the statement.

Chesapeake shares were up 3.65 per cent in after-hours trading Friday.

SEE MORE: The Fabulous Life of Aubrey McClendon

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.