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Comstock Resources talks $200 million tap of 9¾% senior notes due 2026 at 100-100.5; pricing Friday
By Paul A. Harris
Portland, Ore., Aug. 14 – Comstock Resources, Inc. plans to price a $200 million add-on to its 9¾% senior notes due Aug. 15, 2026 (existing ratings Caa1/B-/B+) in a Friday drive-by, according to market sources.
Price talk is 100 to 100.5.
Books close at 1 p.m. ET on Friday.
BofA Securities Inc. is the left bookrunner for the public offering. BMO Capital Markets Corp. and Wells Fargo Securities LLC are the joint lead bookrunners. Fifth Third Securities Inc., Mizuho Securities USA Inc., Capital One Securities Inc. and SG CIB are the joint bookrunners.
Regions Securities LLC and KeyBanc Capital Markets Inc. are the joint lead managers.
Barclays, CIT Capital Securities LLC, Citizens Capital Markets Inc., Credit Agricole Securities (USA) Inc. and Goldman Sachs & Co. LLC are the co-managers.
The notes become callable on Aug. 15, 2021.
The Frisco, Tex.-based independent energy company plans to use the proceeds to repay debt under its revolving credit facility.
The original $850 million issue priced in July 2018.
A previous $500 million add-on priced in June 2020.
The new add-on notes are to immediately become fungible with existing notes.
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