Chesapeake Energy Corp. CHK -4.13 % on Thursday said it would swap 4.1% of its shares outstanding for debt, the latest move by the beleaguered energy company to ease its debt load as it struggles with low natural gas prices. The Oklahoma City company, one of the biggest U.S. producers of natural gas, disclosed in a regulatory filing that it will issue 28.1 million shares, worth $122.5 million based on Wednesday’s closing price, to redeem $153 million in debt. The agreement by bondholders to make the swap suggests they may not see the company as headed toward bankruptcy. In the event of a bankruptcy, bondholders are paid first whereas stockholders are lower on the chain. Chesapeake has a significant amount of debt due starting in 2017, and “they’re starting to find creative ways to […]