Comstock Resources enters into $3.5B amended credit facility with $1.5B commitments, maturing 2027

COMSTOCK RESOURCES INC

Maximum credit amount $3.5B, borrowing base $2.0B, total lender commitments $1.5B.
Maturity November 15, 2027; interest at adjusted SOFR +1.75%-2.75% or base rate +0.75%-1.75%.
Financial covenants: Total Net Debt/EBITDAX ≤3.5:1, adjusted current ratio ≥1.0:1.
Restrictions on additional debt, liens, dividends, affiliate transactions, and acquisitions.
Events of default include nonpayment, covenant breach, bankruptcy, and change of control.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COMSTOCK RESOURCES INC amended Credit Agreement with Wells Fargo Bank National Association, as administrative agent, and other lenders party thereto valued at $3.5 billion (effective 2022-11-15).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank National Association, as administrative agent, and other lenders party thereto
Value: $3.5 billion
Effective: 2022-11-15

Exact text from the filing

On November 15, 2022, Comstock Resources, Inc ("Comstock" or the "Company") entered into an amended and restated revolving credit agreement with Wells Fargo Bank National Association, as administrative agent, and other lenders party thereto (the "Credit Agreement"). The Credit Agreement is a senior secured reserve based revolving credit facility with an aggregate maximum credit amount of $3.5 billion, a borrowing base of $2.0 billion and total lender commitments of $1.5 billion.

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Source: SEC EDGAR

accession 0000023194-22-000043

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