---
schema_version: "secwatch.filing_event.v1"
accession: "0000895126-22-000193"
form_type: "8-K"
ticker: "EXE"
cik: "0000895126"
company_name: "EXPAND ENERGY Corp"
filed_at: "2022-12-12T23:59:59+00:00"
generated_at: "2026-06-21T06:33:57.669493+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Chesapeake closes $3.5B reserve-based credit facility; Executive Chairman Wichterich steps down as Executive Chairman

## Summary
- New $3.5B borrowing base, $2.0B aggregate commitments, matures Dec 9, 2027.
- Facility initially secured by substantially all oil & gas assets excluding Eagle Ford and Brazos Valley; terms improve with IG ratings.
- Michael Wichterich resigns as Executive Chairman effective Dec 31, 2022, remains Chairman of the Board.
- Credit agreement replaces previous facility; more favorable interest rate grid and loosened financial and administrative covenants.
- CFO Singh says company is on path to investment grade rating; facility reflects high confidence of financial partners.

## SEC filing metadata
- accession: 0000895126-22-000193
- form_type: 8-K
- ticker: EXE
- cik: 0000895126
- company_name: EXPAND ENERGY Corp
- filed_at: 2022-12-12T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/895126/000089512622000193/0000895126-22-000193-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/895126/000089512622000193/chk-20221209.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000895126-22-000193
- JSON: https://secwatch.observer/filing/0000895126-22-000193.json
- Plain text: https://secwatch.observer/filing/0000895126-22-000193.txt

## Key facts
- Debt Financings
  EXPAND ENERGY Corp incurred credit facility of $3.5 billion borrowing base and $2.0 billion aggregate commitments with JPMorgan Chase Bank, N.A. (as administrative agent) maturing five years from the Effective Date.
  - Instrument: credit facility
  - Principal: $3.5 billion borrowing base and $2.0 billion aggregate commitments
  - Counterparty: JPMorgan Chase Bank, N.A. (as administrative agent)
  - Maturity: five years from the Effective Date
  - Event: incurrence
  source text: On December 9, 2022 (the “Effective Date”), Chesapeake Energy Corporation (“Chesapeake” or the “Company”) entered into a reserve-based credit agreement (the “Credit Agreement”) with the lenders and issuing banks party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Administrative Agent”), providing for a reserve-based credit facility (the “Credit Facility”) with an initial borrowing base of $3.5 billion and aggregate commitments of $2.0 billion.
  evidence_url: https://www.sec.gov/Archives/edgar/data/895126/000089512622000193/0000895126-22-000193-index.htm
- Executive change
  Michael A. Wichterich resigned as Chairman of the Board at EXPAND ENERGY Corp.
  - Action: resigned
  - Role: Chairman of the Board
  source text: On December 9, 2022, Michael A. Wichterich informed the Board of Directors of the Company (the “Board”) his intention to resign as Executive Chairman of the Company effective as of the close of business on December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/895126/000089512622000193/0000895126-22-000193-index.htm
- Material Agreements
  EXPAND ENERGY Corp entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent valued at $3.5 billion borrowing base and $2.0 billion commitments (effective 2022-12-09).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
  - Value: $3.5 billion borrowing base and $2.0 billion commitments
  - Effective: 2022-12-09
  source text: On December 9, 2022 (the “Effective Date”), Chesapeake Energy Corporation (“Chesapeake” or the “Company”) entered into a reserve-based credit agreement (the “Credit Agreement”) with the lenders and issuing banks party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Administrative Agent”), providing for a reserve-based credit facility (the “Credit Facility”) with an initial borrowing base of $3.5 billion and aggregate commitments of $2.0 billion.
  evidence_url: https://www.sec.gov/Archives/edgar/data/895126/000089512622000193/0000895126-22-000193-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.