Source: www.gulfoilandgas.com 12/22/2014, Location: North America
Southwestern Energy Company announced that the transaction reported in October 2014 with Chesapeake Energy Corporation to acquire certain oil and gas assets in West Virginia and southwest Pennsylvania was closed at an adjusted purchase price of approximately $4.975 billion.
“We are very pleased with today’s closing and the addition of this world-class asset into our portfolio,” remarked Steve Mueller, Chairman and Chief Executive Officer of Southwestern Energy. “We believe this is a transformational transaction for the company and we are excited to begin development of this new asset as we continue our focus on creating value for our shareholders.”
The transaction was temporarily financed using a $4.5 billion 364-day senior unsecured bridge term loan credit facility and a $500 million two-year unsecured term loan.