Comstock to redeem $298 million of 8 3/8% notes due 2017 on Oct. 15

By Tali David

Minneapolis, Sept. 12 - Comstock Resources, Inc. plans to redeem all $298 million of its 8 3/8% senior notes due 2017, according to a press release.

The notes will be redeemed at 104.188 plus accrued interest on Oct. 15.

The company intends to fund the redemption with cash on hand and available borrowings under its bank credit facility. As of June 30, Comstock had $883 million in total debt.

The annual interest payable on the outstanding 8 3/8% senior notes was roughly $25 million.

The Bank of New York Mellon Trust Co., NA is the trustee.

Comstock is a Frisco, Texas-based independent energy company.

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