PE Alliance Invests $750M In Chesapeake Energy Unit

Law360, New York (December 5, 2011, 5:48 PM EST) -- A private equity consortium led by energy-focused firm EIG Global Energy Partners LLC has acquired a preferred shares portfolio worth $750 million from a subsidiary of Chesapeake Energy Corp. to finance a natural gas drilling project, Chesapeake announced Monday.

The group, which includes EIG, Blackstone Group affiliate GSO Capital Partners LP and Magnetar Capital, bought $750 million in preferred shares of CHK Utica LLC, which was created by Chesapeake to develop oil and natural gas fields in the Utica Shale in the northeastern U.S.

The preferred...
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