(Reuters) - Chesapeake Energy Corp (N:CHK), the second-largest U.S. natural gas producer, said on Monday it had issued or agreed to issue about 5 percent of its outstanding shares in exchange for debt over the past week, the second such transaction this month.
Chesapeake and other oil and gas producers have been undertaking debt-for-equity swaps or bond swaps to reduce interest payments and debt, taken on during a frenzy of shale development.
The company, which has more than $9 billion in debt, said on Monday it issued or agreed to issue about 37.1 million shares between May 16 and May 23 in exchange for senior notes worth about $166 million. The notes are due in 2017, 2019, 2037 and 2038.
Chesapeake swapped $153 million of debt for about 4 percent of its equity earlier this month.
Up to Monday's close of $3.67, Chesapeake's stock had lost more than three-fourths of its value over the past year.