COMSTOCK RESOURCES, INC. ANNOUNCES PRIVATE OFFERING OF 6.75% SENIOR NOTES DUE IN 2029
02 April 2024 - 1:45PM
Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
announced today that, subject to market conditions, it intends to
offer $375.0 million principal amount of its 6.75% senior notes due
in 2029 (the “New Notes”) in a private placement to eligible
purchasers.
The New Notes are a mirror issue to the
Company's existing 6.75% senior notes due 2029 (the “Original
Notes”), of which $1,223.9 million aggregate principal amount is
currently outstanding. The New Notes will have substantially
identical terms as the Original Notes; however, the New Notes will
be issued under a separate indenture and have a different CUSIP
number from the Original Notes.
Comstock intends to use the net proceeds from
this offering to repay a portion of the borrowings currently
outstanding under the Company’s bank credit facility and pay fees
and expenses in connection therewith.
The New Notes to be offered have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws and unless so
registered, the New Notes may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and applicable state securities laws. The New Notes being offered
are expected to be eligible for trading by qualified institutional
buyers under Rule 144A and non-U.S. persons outside the United
States under Regulation S.
This press release is being issued pursuant to
Rule 135c under the Securities Act, and is neither an offer to sell
nor a solicitation of an offer to buy the New Notes, the Original
Notes or any other securities and shall not constitute an offer to
sell or a solicitation of an offer to buy, or a sale of, the New
Notes, the Original Notes or any other securities in any
jurisdiction in which such offer, solicitation or sale is
unlawful.
About Comstock Resources
Comstock Resources is a leading independent
natural gas producer with operations focused on the development of
the Haynesville shale in North Louisiana and East Texas. The
Company's stock is traded on the New York Stock Exchange under the
symbol CRK.
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. The Company’s Annual Report on Form 10-K, subsequent
Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K,
and other SEC filings discuss important risk factors that could
affect the Company’s business, results of operations and financial
condition. The forward-looking statements in this news release
speak only as of this date. Comstock does not undertake any
obligation to revise or update publicly any forward-looking
statement.
Ron Mills
VP of Finance and Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com
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