Comstock Resources, Inc. Announces Receipt of Requisite Consents
FRISCO, Texas, Feb. 25 /PRNewswire-FirstCall/ -- Comstock Resources, Inc. (NYSE: CRK) ("Comstock" or the "Company") announced today the results to date of its tender offer and consent solicitation (the "Offer") for any and all of its $220,000,000 aggregate principal amount of its 11.25% Senior Notes due 2007 (the "Notes") (CUSIP #205768AE4).
As of 5:00 P.M. (EST) on February 24, 2004 holders of $197,668,000 aggregate principal amount of the outstanding Notes (approximately 89.9%) have delivered valid tenders and consents pursuant to the Offer.
As a result, Comstock has received the requisite consents required to affect the adoption of the proposed amendments to the indenture governing the Notes. Adoption of the proposed amendments required the consent of holders of at least a majority of the aggregate principal amount outstanding of the Notes.
The Offer is scheduled to expire at 12:00 midnight, New York City time, on Tuesday, March 9, 2004, unless extended (the "Expiration Date"). Holders who validly tendered by 5:00 P.M., New York City time, on Tuesday, February 24, 2004 (the "Consent Date") will receive payment on February 25, 2004. Tenders may no longer be withdrawn.
The terms and conditions of the Offer, including the Company's obligation to accept the Notes tendered and pay the purchase price and consent payments, are set forth in the Offer to Purchase and Consent Solicitation Statement dated February 10, 2004.
The Company has engaged Banc of America Securities LLC to act as lead dealer manager and solicitation agent and Harris Nesbitt Corporation as co-dealer manager and solicitation agent in connection with the Offer. Questions regarding the Offer and Consent may be directed to Banc of America Securities LLC High Yield Special Products at (888) 292-0070 (U.S. toll-free) or (704) 388-4813 (collect). Requests for documentation may be directed to Global Bondholder Services Corporation, at (866) 470-4200 (U.S. toll-free) and (212) 430-3774 (collect).
This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any securities. The Offer will be made solely by the Offer to Purchase and Consent Solicitation Statement dated February 10, 2004.
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 that the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas, Louisiana and the Gulf of Mexico. The company's stock is traded on the New York Stock Exchange under the symbol CRK.
SOURCE Comstock Resources, Inc.
CONTACT: Roland O. Burns, Sr. Vice President and Chief Financial Officer
of Comstock Resources, Inc., +1-972-668-8800
Web site: http://www.comstockresources.com