05:10 PM EDT, 04/02/2024 (MT Newswires) -- Comstock Resources ( CRK ) said Tuesday it priced an upsized private placement of $400 million of new 6.75% senior unsecured notes due 2029.

Proceeds are expected to be about $365 million after deductions for initial purchasers' discounts and other offering expenses, the company said.

Net proceeds will be used to repay a part of borrowings under a bank credit facility, as well as fees and expenses, Comstock said. The offering was increased from $375 million initially.

The notes will be issued at 93% of par, and the offering is expected to close April 9, the company said.

Price: 9.00, Change: -0.12, Percent Change: -1.32