Comstock Resources sets roadshow for $700 million five-year notes

By Paul A. Harris

Portland, Ore., Feb. 25 – Comstock Resources, Inc. plans to start a roadshow on Thursday for a $700 million offering of five-year senior secured first-lien notes, according to market sources.

The deal is set to price during the middle part of the week ahead.

BofA Merrill Lynch and BMO Securities are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable after one year at par plus 75% of the coupon and feature a one-year 35% equity clawback and a 101% poison put.

Credit ratings on the notes remain to be determined.

The Frisco, Texas-based independent oil and gas acquisition, exploration and development company plans to use the proceeds to repay its revolver and for general corporate purposes.

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