Chesapeake Granite Wash Trust is seeking to offer about $583.6 million in common units through an initial public offering, The Wall Street Journal reports. The royalty trust for Chesapeake Energy is issuing 25.4 million common units through the offering.
The trust intends to use the proceeds to repay debt and help fund capital expenditures for land and drilling along with other corporate purposes. The shares will be listed on the New York Stock Exchange.
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