New York, September 30, 2016 -- Moody's Investors Service (Moody's) assigned a Caa3 rating to Chesapeake Energy Corporation's (Chesapeake) proposed $1.1 billion convertible senior notes due 2026. All existing ratings of Chesapeake, including the Caa2 Corporate Family Rating (CFR), and the positive rating outlook are unchanged. Proceeds of the offering are expected to primarily fund repurchases and repayment of the company's senior notes due 2017 and 2018 as they become due.

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