Shares of Chesapeake Energy Corporation (CHK), the second-largest U.S. natural gas producer, fall as much as 11.78% to $4.87 - their lowest in more than 13 years Chesapeake on Wednesday announced private offering of up to $1.5 bln of senior secured second lien notes due 2022 in exchange for certain outstanding senior unsecured notes. The debt exchange addresses near-term liquidity but doesn't solve overall cash flow shortfall and production decline risk in 2016. Up to Wednesday's close, stock had fallen 72 pct this year. 3 of 33 brokerages rate the stock "buy" or higher, 22 "hold" and 8 "sell" or lower; median PT $8. Imho, PT $8 is too high, until natural gas starts definitely moving to north there is no sense in buying CHK. $CHK, Chesapeake Energy Corporation / 20000