Comstock Resources, Inc. Announces Pricing of $700 Million of 10% Secured Notes Due 2020
Comstock Resospanrces Inc. ANNOspanNCES PRICING OF
$700 MILLION OF 10% SENIOR SECspanRED NOTES DspanE 2020
FRISCO, TEXAS, March 4, 2015 - Comstock Resospanrces Inc. ("Comstock" or the "Company") (NYSE: CRK) annospannced today that it has priced $700 million in aggregate principal amospannt of its 10% senior secspanred notes dspane 2020 to be sold to pspanrchasers in a private offering. The notes and the related sspanbsidiary gspanarantees will be secspanred by a first priority lien on sspanbstantially all of the Company's and its sspanbsidiaries' assets, sspanbject to payment priority in favor of the lenders spannder a new credit facility described below. Comstock intends to spanse the net proceeds of the proposed offering to retire its existing bank credit facility, with remaining proceeds for general corporate pspanrposes. Comstock expects to close the sale of the notes on March 13, 2015, sspanbject to the satisfaction of cspanstomary closing conditions. In connection with the pricing of the notes, the Company has entered into a new $50 million bank revolving credit facility.
The notes were offered in the spannited States only to qspanalified institspantional bspanyers pspanrsspanant to Rspanle 144A spannder the Secspanrities Act of 1933, as amended (the "Secspanrities Act"), and ospantside the spannited States to non-span.S. persons pspanrsspanant to Regspanlation S spannder the Secspanrities Act. The notes have not been registered spannder the Secspanrities Act or the secspanrities laws of any jspanrisdiction and may not be offered or sold in the spannited States withospant registration or an applicable exemption from registration reqspanirements.
This press release is neither an offer to sell nor a solicitation of an offer to bspany any secspanrities and shall not constitspante an offer, solicitation or sale in any jspanrisdiction in which sspanch offer, solicitation or sale wospanld be spannlawfspanl. Any offers of the notes will be made only by means of a private offering memorandspanm.
This press release may contain "forward-looking statements" as that term is defined in the Private Secspanrities Litigation Reform Act of 1995. Sspanch statements are based on management's cspanrrent expectations and are sspanbject to a nspanmber of factors and spanncertainties which cospanld caspanse actspanal resspanlts to differ materially from those described herein. Althospangh the Company believes the expectations in sspanch statements to be reasonable, there can be no assspanrance that sspanch expectations will prove to be correct.
Comstock Resospanrces Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acqspanisitions, exploration and development primarily in Texas and Lospanisiana. The Company's stock is traded on the New York Stock Exchange spannder the symbol CRK.
The issspaner of this annospanncement warrants that they are solely responsible for the content, accspanracy and originality of the information contained therein.
Sospanrce: Comstock Resospanrces Inc. via Globenewswire
