As Chesapeake (CHK) confirms its $3B bridge loan has turned into $4B, Sanford Bernstein notes if CHK’s debt pile amounts to more than 4X its trailing four quarters of EBITDA, it would trigger a cascading bond default. Given anticipated producing asset sales decreasing EBITDA, along with lower natural gas prices, "the ratio has the potential to approach, if not exceed" the threshold by Q3 or Q4.
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Wunderlich Securities Sees Chesapeake Energy Staying Aggressive On Spending Front Given Ample Cash Balanceat Benzinga.com (Feb 26, 2015)
The Wall Street Journal: Chesapeake Energy cuts rig operations after disappointing quarterly resultsat MarketWatch.com (Feb 25, 2015)
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