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Strategies & Market Trends : BAK - Investing

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To: indigostretch who wrote (2715)	5/16/2012 11:43:41 PM
From: Flipper2058	1 Recommendation Read Replies (1) of 3249

Re: CHK never sees a dollar it doesn't want to borrow ""Institutional (unsecured) loans increased to $4B, those are bridge loans while CHK sells assets,"" "unsecured"...but they took out their LOC (""which Chesapeake will use to repay a secured revolving credit line"" ) So it puts them right up front and since it is "unsecured" allows them to charge usery rates. The bridge loan was not 3 times over-subscribed for nothing....It puts the banks in the bridge loan in the catbird seat to make CHK dance and milk fees when they don't make these aggressive schedules. I watched Correction Corp of America bankers go up 5 TIMES to 11% on their LOC's ($1.1B!!)and bridge loans until the company was on the ropes thanks to aggressive pay off schedules. Bought the $25 preferred for $3...

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