Comstock Resources, Inc. (CRK: Quote) Thursday announced pricing of an underwritten public offering of $300 million in aggregate of senior notes due 2020. The notes will bear interest at a rate of 9 1/2 percent per annum.
All the notes are being sold at 95.304 percent of par, which equates to an effective yield to maturity of 10 3/8 percent. Comstock intends to use the net proceeds of the offering to repay outstanding borrowings under its bank credit facility.
The sale of notes is expected to close on June 5, subject to the satisfaction of customary closing conditions.
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by RTT Staff Writer
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