Chesapeake Energy 2015 Annual Report Download - page 97

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
93
3. Debt
Our long-term debt consisted of the following as of December 31, 2015 and 2014:
December 31, 2015 December 31, 2014
Principal
Amount Carrying Amount Principal Amount Carrying Amount
($ in millions)
3.25% senior notes due 2016.................... $ 381 $ 381 $ 500 $ 500
6.25% euro-denominated senior notes
due 2017(a)(b)........................................... 329 329 416 416
6.5% senior notes due 2017(b) ................... 453 452 660 659
7.25% senior notes due 2018(b) ................. 538 538 669 669
Floating rate senior notes due 2019(b) ....... 1,104 1,104 1,500 1,500
6.625% senior notes due 2020(b) ............... 822 822 1,300 1,300
6.875% senior notes due 2020(b) ............... 304 303 500 497
6.125% senior notes due 2021(b) ............... 589 589 1,000 1,000
5.375% senior notes due 2021(b) ............... 286 286 700 700
4.875% senior notes due 2022(b) ............... 639 639 1,500 1,500
8.00% senior secured second lien notes
due 2022(b) ............................................. 2,425 3,584 — —
5.75% senior notes due 2023(b) ................. 384 384 1,100 1,100
2.75% contingent convertible senior
notes due 2035(c)(d) ................................. 22 396 381
2.5% contingent convertible senior notes
due 2037(b)(c)(d) ........................................ 1,110 1,026 1,168 1,024
2.25% contingent convertible senior notes
due 2038(b)(c)(d) ........................................ 340 289 347 279
Revolving credit facility .............................. ————
Interest rate derivatives(e) .......................... — 7 — 10
Total debt, net ................................... 9,706 10,735 11,756 11,535
Less current maturities of long-term debt,
net(f) ........................................................ (381) (381) (396) (381)
Total long-term debt, net................... $ 9,325 $ 10,354 $ 11,360 $ 11,154
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(a) The principal amount shown is based on the exchange rate of $1.0862 to €1.00 and $1.2098 to €1.00 as of
December 31, 2015 and 2014, respectively. See Foreign Currency Derivatives in Note 11 for information on our
related foreign currency derivatives.
(b) In 2015, a portion of these outstanding senior unsecured notes were exchanged for newly issued 8.00% Senior
Secured Second Lien Notes due 2022. See Chesapeake Senior Secured Second Lien Notes and Chesapeake
Senior Notes and Contingent Convertible Senior Notes below for further discussion regarding these transactions.
(c) The repurchase, conversion, contingent interest and redemption provisions of our contingent convertible senior
notes are as follows:
Holders’ Demand Repurchase Rights. 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.
Optional Conversion by Holders. At the holder’s option, prior to maturity under certain circumstances, the
notes are convertible into cash and, if applicable, shares of our common stock using a net share settlement
process. One triggering circumstance is when the price of our common stock exceeds a threshold amount during
a specified period in a fiscal quarter. Convertibility based on common stock price is measured quarterly. During