Temasek Holdings exercises option to place, and invests in, US$900 million of 5.75% Cumulative Non-Voting Convertible Preferred Stock of Chesapeake Energy
Clients Temasek Holdings (Private) Limited
Jones Day represented Temasek Holdings (Private) Limited in connection with its exercise to place, and its investment in, US$900 million of 5.75% Cumulative Non-Voting Convertible Preferred Stock in a private placement by Chesapeake Energy Corporation which closed on June 18, 2010. Chesapeake is the second-largest natural gas producer in the U.S. Other prominent investors in the transaction included China Investment Corporation (CIC), Korea Investment Corporation (KIC), an affiliate of Hopu Investment Management and Li Ka Shing (Canada) Foundation. Affiliates of Temasek and Hopu placed the Preferred Stock pursuant to an option obtained in connection with their earlier investment of US$600 million made on May 7, 2010. Following the latest placement, US$1.5 billion of the same series of Preferred Stock is outstanding and placed with Asian investors. The Preferred Stock was listed on the Singapore Stock Exchange (SGX) on June 24, 2010.