Comstock Resources, Inc. (CRK) said Tuesday that it has priced an underwritten public offering of $300.0 million of Senior Notes due 2017, which will bear interest at a rate of 8 3/8% per annum.
The notes are being sold at 98.571% of par, which equates to an effective yield to maturity of approximately 8 5/8%.
Comstock expects to close the sale of the notes on October 9.
The company plans to use the net proceeds of the offering to repay outstanding borrowings under its bank credit facility and for other general corporate purposes.
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