What does this mean?
Chesapeake secured $925 million in debtor-in-possession financing to fund operations, and agreed with lenders to terms of a $2.5 billion exit financing, "consisting of a new $1.75 billion revolving credit facility and a new $750 million term loan. Additionally, the Company has the support of its term loan lenders and secured note holders to backstop a $600 million rights offering upon exit," the co. added.
Doug Lawler, President and CEO stated, "we are pleased to have the support of our term loan lenders and secured note holders to backstop a $600 million rights offering, demonstrating their confidence in Chesapeake's operating platform and future."