Chesapeake Energy (CHK -0.9%) says it is working with banks to issue $2B in debt to pay off...

|About: Chesapeake Energy Corporation (CHK)|By:, SA News Editor

Chesapeake Energy (CHK -0.9%) says it is working with banks to issue $2B in debt to pay off more-expensive loans on its bloated balance sheet. CHK plans to use the proceeds to pay off a loan it obtained in May, plus other debt. The interest rate is not yet clear since the new loan has not been priced, but CHK wants to repay several expensive loans with rates all above 6%.