Still, debt investors appeared to snap up the chance to buy into the company's newest high-yield debt offering, with commitments for the loan offered by Goldman Sachs GS.N and Jefferies Group JEF.N believed to have reached about $12 billion, more than three times the planned increase. Shares in Chesapeake slumped more than 5 percent to their lowest level in more than three years on Tuesday, hurt by news that Standard & Poor’s had cut the company’s credit rating another notch into non-investment, or junk, status to ‘BB-‘. The company, which has sought to soothe investors angered by recent disclosures about its CEO’s potential conflicts of interest, hiked a planned $3 billion (1.87 billion pounds) bridge loan to $4 billion amid strong demand for the junk-rated debt it needs to cover a cash shortfall brought on by the weakest natural gas prices in a decade. Chesapeake Energy Corporation's 50 acre campus is seen in Oklahoma City, Oklahoma in this file photo taken April 17, 2012.
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