CM - High-yield Comstock add-on brings debt load to $2.5B
- June 2020Comstock Resources Inc. offered $500 million aggregate principal amount of 9.75% senior unsecured notes due 2026. The June 16 offering was upsized from an initially contemplated $400 million principal amount. The company said the new 2026 notes will have substantially identical terms to the $850 million of 9.75% senior notes due 2026 that it issued in August 2018, but will not trade interchangeably with the original notes because they were issued under a separate indenture. Owing to the...
Jun 26, 2020
PS - People & Companies - September 9,2019Comstock Resources appointed Ronald Mills as VP of finance and investor relations. Mills is joining Comstock's new management team put in place with the company's recent $2.2 billion acquisition of Covey Park Energy and will assist the company with the corporate planning, capital markets transactions and investor relations. Mills brings almost 25 years of financial experience in the energy industry. Prior to joining Comstock, he spent his career at Johnson Rice & Company LLC covering small...
Sep 09, 2019
A&D - People & Companies August 30, 2019EQT Corp. announced that EVP and COO Gary E. Gould resigned Aug. 7. The company then eliminated the COO role. Comstock Resources appointed Ronald Mills as finance and investor relations VP. He is joining the new management team put in place with the company’s recent $2.2 billion acquisition of Covey Park Energy and will assist it with the corporate planning, capital markets transactions and investor relations. Concluding a formal search, Gulfport Energy Corp. named Quentin R....
Aug 30, 2019
A&D - People & Companies - August 08, 2019Comstock Resources expanded its
board of directors to include Covey Park
Energy’s former co-CEO John Jacobi
and Jordan Marye, a managing partner of
Denham Capital. Denver-based Extraction Oil & Gas
announced the resignation of former US
Commerce Secretary Donald L. Evans
from its board, citing personal reasons.
He served on the board since December
2016, during which time the company
grew to become one of the largest acreage
holders and producers in Colorado. Halcón...
Aug 08, 2019
CM - Comstock signs $2.5B credit facility at Covey Park closing - August 2019Comstock Resources, Inc. said that it signed a new $2.5 billion revolving credit
facility with 18 banks, concurrent with the completion of its purchase of Covey Park
Energy on July 16. BMO is leading the five-year revolving credit facility. Though the facility
has an initial borrowing base of $1.575 billion, the company elected to set
the committed borrowing base at $1.5 billion. Interest is payable at either
LIBOR plus a spread ranging 175-275 bps or a base rate plus 75-175 bps...
Aug 02, 2019
CM - People & Companies - August 02, 2019Alta Mesa Resources, Inc.
announced that VP and chief accounting
officer Ronald J. Smith was terminated
effective July 19. Baker Hughes, a
GE company named Jud
Bailey VP of investor relations, succeeding
Philipp Mueller, who resigned. Bailey joins
BHGE from Wells Fargo Securities. Chaparral Energy, Inc. elected
Marcus Rowland interim chairman of the
board effective July 25. He replaces Robert
F. Heinemann, who resigned on July 10. Comstock Resources expanded its
board of...
Aug 02, 2019
CM People & Companies - September 13, 2018The Bayou Companies added Altamont Capital Partners senior advisors Ed Will and Pete Lane to its board of directors following the purchase of the company by the private investment group. Evan Russell will continue as Bayou’s president. Berry Petroleum Corp. elected Anne Mariucci and C. Kent Potter to its board of directors and announced that Kaj Vazales retired from the board, all effective Sept. 12. Mariucci serves on the boards of Southwest Gas Corp., CoreCivic, Inc. and...
Sep 13, 2018
Comstock gets $700MM in credit & Jerry JonesComstock Resources Inc. completed a comprehensive refinancing plan including a cash tender offer for all of its senior notes outstanding and redemption of any untendered notes, as well as the signing of a new credit facility on Aug. 14. Concurrently, the 99-year old firm took in $620 million in Bakken Shale properties from Dallas Cowboys owner and businessman Jerry Jones for 88,571,429 common shares, based on $7.00 a share.The company said that money raised from a previous sale of $850...
Aug 23, 2018
An action-packed refi for Comstock $1.2 billion debt loadComstock Resources, Inc. plans to “substantially” refinance all of its existing debt, which stands at about $1.2 billion. The company said that deleveraging transactions will reduce total leverage to 3.5x from 5.5x and it will move on from there to target net leverage below 3x by the end of 2019. Its multi-part plan will eliminate all its existing secured debt, clear its maturity runway and provide liquidity through a new revolver, the company said in a press release. The...
Apr 19, 2018
People & Companies - September 8, 2017David F. Mackie, founding member of
Altagas and member of the board, passed
away on Aug. 14. He had been a director
of AltaGas and its predecessors since 1995.
He spent 32 years in various executive
capacities, primarily
with El Paso Natural
Gas Co. and Transco Energy. He also
provided consulting services.
Comstock Resources announced
the retirement of Mack D. Good from his
position as COO. Daniel S. Harrison has
been appointed operations VP and will
oversee Comstock's drilling,...
Sep 08, 2017
Haynesville heats up with a pair of early September dealsAfter a couple recently announced
deals, the Haynesville looks ready to pick
up even more steam as we move through
the remainder of 2017.
Tellurian Inc. (founded
by Mark Houston and
former Cheniere CEO Charif Souki)
bought assets in the North Louisiana
portion of the play for $85.1 million.
Meanwhile on the same day, small public
company Empire Petroleum announced
it was within a couple weeks of signing
a PSA to acquire North Louisiana
Haynesville assets from an undisclosed
private...
Sep 08, 2017
What the Analysts are Saying About E&P - May 17, 2017Heavy Q1 capex offsets oil production beat; Howard County Wolfcamp A type curves revised higher. Pertaining to ops, CPE’s latest Wolfcamp A completion (adjacent to its first Silver City well) averaged a strong 1,976 boepd IP-30 (91% oil), lending enough confidence to raise Wolfcamp A type curves for the northern block to 1.3 MMboe (vs. prior expectations of 700-1,000 Mboe); on the central block CPE’s latest completion (1,211 boepd IP-30) looks to be tracking a 1 MMboe EUR after 90 days online...
May 18, 2017
CM - Debt & Credit Briefs - May 15, 2020Battalion Oil Corp. and lender BMO amended the company’s revolving credit facility to reduce the borrowing base to $200 million on April 30. The borrowing base will be further reduced by $5 million each month from Sept. 1 to Nov. 1, the company reported. CEO Richard Little said Battalion has substantial liquidity from its hedge portfolio and was “well positioned to preserve our strength for the future.” Chaparral Energy’s reserve-based lending facility was decreased to $175 million from...
May 15, 2020
CM - Debt & Credit Briefs - April 18, 2019Comstock Resources, Inc.
launched an offer on April 16 to
exchange all of the 9.75% senior notes
due 2026 outstanding that were issued
unregistered for the same
amount of identical notes
with a registration. The B rated notes
were issued last July and have $850
million principal amount outstanding. Any
original notes not tendered for exchange
will remain outstanding and continue to
accrue interest. The company would have
no further obligation to provide for the
registration of the notes....
Apr 18, 2019
CM - News Briefs - March 28, 2019Brigham Exploration Co, LLC
announced March 18 that its BEXP I, LP
subsidiary closed on equity commitments
from institutional and private investors. The
company did not disclose terms, amounts
or identities of the counterparties in the
deal. It was founded in 2017 by Ben M.
“Bud” Brigham, who is leading Brigham
Minerals towards a possible IPO (PG.1). Diamondback Energy, Inc.
launched an offer March 22 to exchange up
to $750 million aggregate principal amount
of its registered 4.75%...
Mar 28, 2019