New Issue: Comstock Resources drive-by $75 million add-on yields 11.537%

By Paul A. Harris

St. Louis, Mo., Feb. 28 - Comstock Resources, Inc. priced a drive-by $75 million add-on to its 11¼% senior notes due May 1, 2007 (B2/B-), according to syndicate sources.

Morgan Stanley ran the books on the deal. TD Securities and BMO Nesbitt Burns were co-managers.

Proceeds from the Rule 144A deal will be used to repay bank debt under credit facilities which were drawn upon to finance the DevX acquisition, according to a syndicate source.

The original $150 million issue priced on April 26, 1999.

Issuer:	Comstock Resources, Inc.
Amount:	$75 million
Type:	Add-on to 11¼% senior notes due May 1, 2007
Bookrunner:	Morgan Stanley
Co-manager:	TD Securities
Coupon:	11¼%
Price:	98.875
Yield:	11.537%
Spread:	728 basis points over Treasury
Call features:	Callable on May 1, 2004 at 105.625, 102.813, par on May 1, 2006 and thereafter
Settlement date:	March 7, 2002 (T+5) with accrued interest
Payments:	May 1 and Nov. 1, commencing May 1, 2002
Ratings:	Moody's: B2
	Standard & Poor's: B-
Rule 144A Cusip:	205768AD6

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