S&P cuts Chesapeake rating again as stock falls by 6%

摘要

Washington—Chesapeake Energy shares on May 15 gave back earlier gains, falling 6% on news that the Oklahoma City producer would take an even bigger bridge loan than expected and that its credit rating was cut another notch. The original $3 billion bridge loan announced late May 11 grew to $4 billion, sources close to the deal said, because lenders clamored to lend money to Chesapeake at the hefty 8.5% interest rate.