8-KCorporate ChangesExhibits & Filings

EXPAND ENERGY Corp 8-K Report, Bylaw Amendment (Jan 26, 2006)

Filed January 26, 2006For Securities:EXEEXEELEXEEWEXEEZ

Summary

Chesapeake Energy Corporation (EXE) filed an 8-K on January 26, 2006, reporting the retirement of a significant number of its preferred stock shares. Specifically, the company eliminated 2,750 shares of its 4.125% Cumulative Convertible Preferred Stock and a total of 143,000 shares of its 5.0% Cumulative Convertible Preferred Stock (Series 2003). These preferred shares were acquired by the company through privately negotiated exchange offers where common stock was exchanged for these preferred shares.

Key Highlights

  • 1Chesapeake Energy has retired a total of 145,750 shares of preferred stock.
  • 2The retired shares include 2,750 shares of 4.125% Cumulative Convertible Preferred Stock.
  • 3A significant portion, 143,000 shares, of 5.0% Cumulative Convertible Preferred Stock (Series 2003) has been retired.
  • 4The retirement of these preferred shares was a result of privately negotiated exchange offers.
  • 5In these exchange offers, Chesapeake Energy exchanged its common stock for the preferred shares being retired.
  • 6These actions indicate a reduction in the company's outstanding preferred stock obligations.

Frequently Asked Questions

The primary purpose of this 8-K filing is to formally report the retirement of specific series of preferred stock shares by Chesapeake Energy Corporation through the filing of Certificates of Elimination with the Oklahoma Secretary of State.

The company retired these shares as they were acquired through privately negotiated exchange offers, where Chesapeake Energy exchanged its common stock for these preferred shares. The retirement reduces the outstanding preferred stock.

The company retired 2,750 shares of its 4.125% Cumulative Convertible Preferred Stock and a total of 143,000 shares of its 5.0% Cumulative Convertible Preferred Stock (Series 2003).

The retirement of these preferred shares reduces the company's outstanding preferred stock obligations. This could potentially simplify the capital structure and reduce future dividend payments associated with these specific preferred stock series.