2 May 2025listing compliance notice▲ GoodMajor
the exchange certified COMSTOCK RESOURCES INC's securities for listing, clearing them to begin trading.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2024debt financing● Neutral
Comstock issued another $400 million of its 6.75% notes due 2029 in a private placement, adding to the $1.25 billion tranche sold in 2021.
25 Mar 2024material agreement▲ GoodMajor
The Jones family bought another 12.5 million Comstock shares directly from the company under a new subscription agreement, continuing its pattern of direct financial backing since taking control in 2018.
21 Mar 2024capital raising announcement▲ GoodMajor
Controlling shareholders Arkoma and Williston Drilling (the Jones family) bought another 12.5 million Comstock shares directly from the company for about $100.5 million -- continued insider buying that reinforced their controlling stake.
16 Nov 2022debt financing▲ GoodMajor
Comstock replaced Bank of Montreal with Wells Fargo as lead bank, signing a new $3.5 billion senior secured credit facility with a $2.0 billion borrowing base and $1.5 billion in lender commitments, maturing 2027.
16 May 2022material agreement termination▲ Good
Comstock redeemed the last $244 million of its 7.50% notes due 2025 (assumed from the Covey Park merger), fully retiring that debt using its bank credit line.
29 June 2021debt financing▲ GoodMajor
Comstock issued a further $965 million of notes due 2030 at an even lower 5.875% rate, continuing to push out its debt maturities and cut its interest costs after the Covey Park merger.
8 Mar 2021debt financing▲ GoodMajor
Comstock closed its $1.25 billion offering of 6.75% senior notes due 2029, completing the refinancing that lets it retire its higher-cost 2025 and 2026 notes.
19 Feb 2021debt financing▲ GoodMajor
Comstock expanded its credit facility's unsecured-debt room by $350 million and priced a new $1.25 billion issue of 6.75% notes due 2029, while upsizing a tender offer to retire up to $1.0 billion of its older, more expensive 2025/2026 notes -- refinancing crisis-era debt at a much lower rate.
8 Dec 2020debt financing● Neutral
Comstock's credit facility borrowing base was reaffirmed unchanged at $1.4 billion, and the company tweaked its hedging requirement to cover combined oil-and-gas volume rather than each separately.
17 Aug 2020material agreement● Neutral
Comstock priced another upsized add-on ($300 million, at 100.5% of par) to its 9.75% notes due 2026, bringing that single tranche to $800 million total.
14 Aug 2020debt financing● Neutral
Comstock again raised its credit facility's unsecured-debt cap (to $800 million) and launched another add-on offering of its 9.75% notes, continuing to tap debt markets through 2020.
24 June 2020debt financing● NeutralMajor
Comstock closed the $500 million add-on to its 9.75% notes due 2026, wrapping up the June 2020 financing round.
18 June 2020material agreement● NeutralMajor
Comstock priced an upsized $500 million add-on to its 9.75% notes due 2026 at a steep discount (90 cents on the dollar), with proceeds going to pay down its bank credit line.
17 June 2020debt financing● Neutral
Comstock amended its credit agreement to allow more unsecured debt capacity and announced plans for a further $400 million add-on to its 9.75% notes, continuing to shore up liquidity through the 2020 downturn.
15 May 2020material agreement▲ GoodMajor
As oil and gas prices collapsed in the COVID-19 crash, Comstock raised about $190 million by selling 40 million new shares at $5.00 to shore up its balance sheet.
18 July 2019business combination▲ GoodMajor
Comstock completed its merger with Covey Park Energy, assuming Covey Park's $625 million of notes and putting in place a new $1.5 billion credit facility -- transforming Comstock into one of the largest Haynesville shale gas producers.
10 June 2019business combination▲ GoodMajor
Now controlled by the Jones family, Comstock agreed to merge with Covey Park Energy, a Haynesville shale gas producer, for $700 million cash plus stock; the Jones family is separately investing $475 million more to help fund the deal, roughly doubling Comstock's Haynesville footprint.
12 Mar 2019debt financing● Neutral
Comstock registered a routine like-for-like exchange offer swapping its privately-placed 9.75% Senior Notes due 2026 (issued in the 2018 Arkoma recapitalization) for freely tradeable registered notes with identical terms, fulfilling a registration-rights obligation rather than raising new money.
15 Aug 2018asset acquisition disposition▲ GoodMajor
Comstock completed its comprehensive recapitalization: Jerry Jones's Arkoma and Williston Drilling contributed Bakken Shale (ND/MT) assets valued at $620 million for 88.57 million new shares, giving the Jones family about 84.5% control and five board seats; the escrowed $850 million notes were released, a new $700 million credit facility replaced the old one, and all prior notes were redeemed.
6 Aug 2018debt financing● NeutralMajor
A Comstock escrow subsidiary issued $850 million of 9.75% senior notes due 2026, with proceeds held in escrow pending completion of the Arkoma asset contribution and a new credit facility -- the financing piece of the pending recapitalization.
13 July 2018material agreement● NeutralMajor
Comstock amended its convertible notes' conversion trigger and launched a tender offer for all its outstanding notes plus a planned $850 million new notes offering, laying the groundwork to close the Arkoma recapitalization.
14 May 2018capital raising announcement● NeutralMajor
This amendment re-files the May 9, 2018 deal with Jerry Jones's Arkoma Drilling and Williston Drilling, adding the full Contribution Agreement as an exhibit. Under it Comstock would acquire North Dakota oil and gas properties, valued by the company at $620.0 million with no associated debt, for up to 88,571,429 new shares, leaving the partnerships with about 84% of the stock. Closing needs shareholder approval, antitrust clearance and new bank and bond financing acceptable to the partnerships, with an October 31, 2018 outside date and a termination fee of up to $12.4 million in certain cases.
10 May 2018capital raising announcement▲ GoodMajor
Comstock agreed to acquire Bakken Shale (North Dakota) assets valued at $620 million from Arkoma Drilling and Williston Drilling in exchange for up to 88.6 million new shares -- the deal that would close three months later and hand the Jones family roughly 84% control of the company.
1 May 2018material agreement termination● NeutralMajor
Comstock scrapped its planned $75 million stock sale to Jerry Jones's Arkoma Drilling in favor of a bigger deal: Arkoma would instead contribute oil and gas properties directly for about 88.6 million new Comstock shares.
2 Apr 2018capital raising announcement▲ GoodMajor
Comstock agreed to sell 10 million shares to Jerry Jones-controlled Arkoma Drilling for $7.50/share and formed a strategic drilling venture giving Arkoma the right to fund Haynesville/Eagle Ford wells for a working interest -- the Jones family's first toehold in Comstock, four months before the much larger transaction that would hand them control.
5 Dec 2016listing compliance notice▲ Good
The NYSE confirmed Comstock is now in full compliance with all continued-listing standards, closing out the listing scare that began in March 2016.
8 Sept 2016security holder rights change▼ BadMajor
Comstock completed its debt-for-equity exchange: existing unsecured and secured noteholders swapped into new first- and second-lien notes plus warrants, receiving no cash but converting a majority of the pro forma equity to noteholders -- heavily diluting existing shareholders but averting default and funding a return to drilling.
6 Sept 2016security holder rights change● Neutral
Comstock terminated its net-operating-loss shareholder rights plan ("poison pill") the same day it completed its debt-for-equity exchange, clearing the way for the large new equity issuance to noteholders.
2 Sept 2016listing compliance notice▲ GoodMajor
The NYSE notified Comstock that it has regained compliance with the minimum stock-price listing standard, as the pending debt-for-equity exchange offer neared completion.