Chesapeake Energy 2014 Annual Report Download - page 57
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49
Senior Note Obligations
Our senior note obligations consisted of the following as of December 31, 2014:
December 31,
2014
($ in millions)
3.25% senior notes due 2016 $ 500
6.25% euro-denominated senior notes due 2017(a) 416
6.5% senior notes due 2017 660
7.25% senior notes due 2018 669
Floating rate senior notes due 2019 1,500
6.625% senior notes due 2020 1,300
6.875% senior notes due 2020 500
6.125% senior notes due 2021 1,000
5.375% senior notes due 2021 700
4.875% senior notes due 2022 1,500
5.75% senior notes due 2023 1,100
2.75% contingent convertible senior notes due 2035(b) 396
2.5% contingent convertible senior notes due 2037(b) 1,168
2.25% contingent convertible senior notes due 2038(b) 347
Discount on senior notes(c) (231)
Interest rate derivatives(d) 10
Total senior notes, net 11,535
Less current maturities of long-term debt(e) (381)
Total long-term senior notes, net $ 11,154
___________________________________________
(a) The principal amount shown is based on the exchange rate of $1.2098 to €1.00 as of December 31, 2014. See
Note 11 of the notes to our consolidated financial statements included in Item 8 of this report for information on
our related foreign currency derivatives.
(b) The holders of our contingent convertible senior notes may require us to repurchase, in cash, all or a portion of
their notes at 100% of the principal amount of the notes on any of four dates that are five, ten, fifteen and twenty
years before the maturity date. The first put date, for the 2.75% Contingent Convertible Senior Notes due 2035,
is November 15, 2015. The notes are convertible, at the holder’s option, prior to maturity under certain
circumstances into cash and, if applicable, shares of our common stock using a net share settlement process.
(c) Included in this discount as of December 31, 2014 was $224 million associated with the equity component of our
contingent convertible senior notes. This discount is amortized based on an effective yield method.
(d) See Note 11 of the notes to our consolidated financial statements included in Item 8 of this report for discussion
related to these instruments.
(e) As of December 31, 2014, there was $15 million of discount associated with the equity component of the 2.75%
Contingent Convertible Senior Notes due 2035.
For further discussion and details regarding our senior notes and contingent convertible senior notes, see Note 3 of
the notes to our consolidated financial statements included in Item 8 of this report.