Energy Risk Deals of the Year 2012: BarCap's VPP deal with Chesapeake
BarCap’s $850m VPP deal with Chesapeake
In May 2011, Barclays Capital closed a 10-year, $850-million volumetric production payment (VPP) deal with Chesapeake Energy that allowed the US gas producer to raise cash against some promising oil and gas assets in northern Oklahoma. Traditionally, VPPs have been purchased by banks or investors and kept on their balance sheets. But Barclays Capital has pioneered a new approach in its recent transactions with Chesapeake, allowing a broad array of investors to take part in the investment while
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