Oklahoma City-based Chesapeake Energy Corp. (NYSE: CHK) plans to raise up to $5 billion to repay some $3.5 billion of debt, as well as to increase its investment in liquids-rich plays by as much as $1.5 billion.

The financial plan will be implemented through a series of transactions, including stock placements, joint ventures and divestments, expected to close within 24 months.

Today, Chesapeake announced the sale of $600 million of preferred stock, with the potential placement of up to $500 million of additional preferred stock, to investors in Asia.

In conjunction with the private placement, Chesapeake will sell up to a 20% equity interest in subsidiary Chesapeake Appalachia LLC and its Marcellus shale operations within the next three to 12 months.

Furthermore, the company is considering possible joint ventures to fund accelerated drilling on its 12 liquids-rich plays spanning 1.9 million net acres of leasehold. Specifically, Chesapeake plans to increase its current rig count from 21 to 50 operated rigs on these plays.

By the end of the third quarter, Chesapeake also intends to enter a joint venture in the Eagle Ford shale play, where the company holds approximately 400,000 net acres.

Further asset monetization from midstream subsidiary Chesapeake Midstream Development LP, which owns gas-gathering operations in the Haynesville, Fayetteville, Marcellus and Eagle Ford shales, is included in the financial plan.

The aggregate proceeds from these planned and potential transactions will be used to repay up to $2.9 billion of senior notes over the next 24 months.