Comstock Resources, Inc. ("Comstock" or the
"Company") CRK announced today that it intends to offer $700 million
in aggregate principal amount of senior secured notes due 2020 in a private
offering, subject to market and other conditions. The notes will be guaranteed
by each of Comstock's subsidiaries. The notes and the guarantees will be
secured by a first priority lien on substantially all of the Company's and its
subsidiaries'y'apos;s and its subsidiaries'apos; assets, subject to payment
priority in favor of the lenders under a new credit facility described below.
Comstock intends to use the net proceeds of the proposed offering to retire
its bank credit facility, with remaining proceeds for general corporate
purposes. In connection with th
offering, the Company intends to enter into a new $50 million bank revolving
credit facility.
The notes will be offered in the United States only to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), and outside the United States to non-U.S. persons pursuant
to Regulation S under the Securities Act. The notes have not been registered
under the Securities Act or the securities laws of any jurisdiction and may
not be offered or sold in the United States without registration or an
applicable exemption from registration requirements.
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. Any offers of the notes will be made only by means of a private
offering memorandum.
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.
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Comstock Resources, Inc via Globenewswire
HUG#1897414
-0- Feb/25/2015 19:34 GMT
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