Comstock Resources, Inc. Announces Pricing of $100 Million Offering of Additional 7-3/4% Senior Notes due 2019
COMSTOCK RESOURCES, INC. ANNOUNCES PRICING OF
$100 MILLION OFFERING OF
ADDITIONAL 7-3/4% SENIOR NOTES DUE 2019
FRISCO, TEXAS, May 9, 2014 - Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced today that it has priced a $100 million in aggregate principal amount of its 7-3/4% Senior Notes due 2019 (the "Additional Notes"). The Additional Notes are being offered as additional notes to the Company's outstanding $300 million aggregate principal amount of 7-3/4% Senior Notes due 2019, which the Company sold in a public offering in March 2011.
The Additional Notes will be sold at a price equal to 105.750% of par, resulting in a yield to worst of 5.325% with respect to the Additional Notes. Comstock intends to use the net proceeds of the offering to repay outstanding borrowings under its bank credit facility. Comstock expects to close the offering on May 14, 2014, subject to the satisfaction of customary closing conditions.
BofA Merrill Lynch and BMO Capital Markets are acting as joint book-running managers, with Comerica Securities, Mitsubishi UFJ Securities, Regions Securities LLC, TD Securities, BBVA, Natixis, Scotiabank, SunTrust Robinson Humphrey, BB&T Capital Markets, Fifth Third Securities, Global Hunter Securities, ABN AMRO, BOSC, Inc., Capital One Securities, CIBC, US Bancorp and IBERIA Capital Partners L.L.C. acting as co-managers.
The offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained on the Securities and Exchange Commission's website at www.sec.gov. Alternatively, the underwriters will arrange to send you copies of the prospectus supplement and the base prospectus if you request by contacting (i) BofA Merrill Lynch, 222 Broadway, New York, NY 10038, attention: Prospectus Department, e-mail dg.prospectus_requests@baml.com or by calling 1-800-294-1322 or (ii) BMO Capital Markets Corp. at 3 Times Square, 28th Floor, New York, NY 10036, Attention: Maya Patel or by calling (212) 702-1882.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Such an offer can only be made by delivery of a prospectus that has been filed with the Securities and Exchange Commission. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.