COMSTOCK RESOURCES, INC. ANNOUNCES UPSIZING OF CASH TENDER OFFERS

Rhea-AI Summary

Comstock Resources (CRK) has amended its cash tender offers to purchase up to $1.0 billion of its outstanding senior notes. This increase from the previous $750.0 million includes raising the combined cap for 2026 Notes from $325.0 million to $550.0 million. The other terms of the Tender Offers remain unchanged. The offers are subject to specific conditions that can be waived by the Company. Investors should note that this announcement does not constitute an offer to sell or solicitation to buy any securities.

Positive

• Amended cash tender offers increased from $750.0 million to $1.0 billion, improving liquidity.
• Combined cap for 2026 Notes raised from $325.0 million to $550.0 million, enhancing flexibility for debt management.

Negative

• None.

FRISCO, TX, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) announced today that it has amended its previously announced cash tender offers (the "Tender Offers") to purchase up to $750.0 million aggregate purchase price  (the "Aggregate Maximum Tender Amount") of its outstanding 7.5% senior notes due 2025 (the "2025 Notes") and 9.75% senior notes due 2026 (the "2026 Notes", and together with the 2025 Notes, the "Notes").

The Company has amended the Aggregate Maximum Tender Amount to increase the aggregate purchase price of Notes subject to the Tender Offers from $750.0 million to $1.0 billion, as well as to increase the aggregate maximum principal amount of 2026 Notes to be accepted (the “2026 Combined Cap”) from $325.0 million to $550.0 million.   

Except as set forth herein with the respect to the increases in the Aggregate Maximum Tender Amount and the 2026 Combined Cap, no other terms of the Tender Offers set forth in the Offer to Purchase dated February 18, 2021 (“Offer to Purchase”) have changed. The Tender Offers are subject to the satisfaction of the conditions described in the Offer to Purchase.  Such conditions may be waived by the Company in its sole discretion, subject to applicable law.  Any waiver of a condition by the Company will not constitute a waiver of any other condition.

The dealer managers for the Tender Offers are BofA Securities and Wells Fargo Securities. Any questions regarding the terms of the Tender Offers should be directed to BofA Securities at ‎(980) 388-3646‎‎ (all call) or debt_advisory@bofa.com or Wells Fargo Securities at (866) 309-6316 (toll-free) or (704) 410-4756 (collect)‎.  The information agent and tender agent is D.F. King & Co., Inc.  Any questions regarding procedures for tendering Notes or requests for copies of the Offer to Purchase or other documents relating to the Tender Offers should be directed to the information agent for the Tender Offers, D.F. King & Co., Inc. at (800) 284-7175 (toll-free), (212) 269-5550 (all others) or crk@dfking.com.

This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities.  No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation, or sale would be unlawful.  The offer is being made solely pursuant to the terms and conditions set forth in the Offer to Purchase.

None of Comstock, its board of directors, the trustee for the Notes, the information agent, the dealer managers or any of their respective affiliates makes any recommendation as to whether holders should tender, or refrain from tendering, all or any portion of the principal amount of their Notes pursuant to the Tender Offer.

About Comstock Resources

Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein.  Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.  The Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss important risk factors that could affect the Company’s business, results of operations and financial condition.  The forward-looking statements in this news release speak only as of this date.  Comstock does not undertake any obligation to revise or update publicly any forward-looking statement.

FAQ

What are the details of Comstock Resources' amended cash tender offers for CRK?

Comstock Resources has increased its cash tender offers from $750.0 million to $1.0 billion, including a raise in the combined cap for 2026 Notes from $325.0 million to $550.0 million.

What is the purpose of Comstock's amended tender offers dated February 18, 2021?

The amended tender offers aim to purchase up to $1.0 billion of outstanding senior notes to improve the Company's liquidity and debt management.

Are there any conditions associated with Comstock's tender offers for CRK?

Yes, the tender offers are subject to specific conditions that can be waived by the Company, as stated in the Offer to Purchase.

Who are the dealer managers for Comstock's tender offers?

The dealer managers for the tender offers are BofA Securities and Wells Fargo Securities.

What is the current stock symbol for Comstock Resources?

The stock symbol for Comstock Resources is CRK, and it is traded on the New York Stock Exchange.