Chesapeake Energy Corp (CHK)

[lowe6er]

588,000,000 divided by 250,721,554 shares comes out to 2.345 per share.

looks killer to me.

Chesapeake Energy Corp. CHK, +3.44% said Tuesday it entered into a privately negotiated agreement to issue a total of 250.7 million shares of common stock in exchange for senior notes and convertible preferred stock. the stock slumped 2.1% in premarket trading. "We had an opportunity to partner with a large, multi-asset investment manager who believes in the long-term value of our common shares and, in doing so, retired a portion of our debt and preferred stock at a significant discount to its par value and reduced our annual interest and preferred dividend payments by approximately $35 million," said the oil and gas company's chief executive, Doug Lawler. The common stock issuance represents 15.3% of the 1.63 billion shares outstanding as of July 31. The stock will be exchanged for $40 million in 5.75% convertible preferred stock, $112.7 million in 4.875% senior notes due 2022, $129.3 million in 5.75% senior notes due 2023, $155.8 million in 5.5% convertible senior notes due 2026 and $150 million in 8.0% senior notes due 2027.