Past year: ▼ 27%(12.32 – 26.86 USD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Aug 2016debt financing▼ BadMajor
Amendment No. 2 restated the full exchange-offer prospectus two days before the 2 September 2016 expiry. It covered all three swaps and warned in capitals that holders who declined could find their old notes worthless in a bankruptcy, because they would rank behind all the new notes.
30 Aug 2016material agreement● Neutral
Comstock swapped in a new trustee (American Stock Transfer, replacing BNY Mellon) across its note indentures ahead of closing its debt-for-equity exchange.
16 Aug 2016merger communication▼ BadMajor
Comstock reiterated the improved terms of its pending debt-for-equity exchange offer to noteholders ahead of the scheduled closing.
15 Aug 2016debt financing● NeutralMajor
Amendment No. 1 states its own purpose: to update the fee table, the exhibit index and the exhibits, without touching the prospectus, which is not included. What the fee table shows is the offer getting bigger -- $16.9 million more of senior secured toggle notes, taking them to $791.9 million, and 875,500 extra warrants struck at $4.05 on top of the original 1,050,000 at $3.60, alongside $352.1 million of 7.75% convertible secured payment-in-kind notes due 2019 and $249.5 million of 9.5% convertible secured notes due 2020. The prices are stated after the one-for-five reverse split that took effect on 29 July 2016.
9 Aug 2016merger communication▼ BadMajor
Comstock filed an August 2016 investor presentation on its exchange offer: unsecured noteholders would swap par for par into second-lien PIK notes convertible into 73.5% of pro forma stock. Conditions included 95% minimum participation and closing by September 15, to fund a restart of a two-rig drilling program.
1 Aug 2016debt financing▼ BadMajor
Facing insufficient 2017 cash flow to cover debt payments after idling its drilling rigs, Comstock proposed a debt-for-equity exchange offer: unsecured noteholders would convert into new second-lien convertible notes worth up to about 73.5% of the pro forma stock, funding a restart of drilling.
24 June 2016capital raising announcement▼ Bad
On June 23, 2016, Comstock exchanged $3.0 million of its 9½% Senior Notes due 2020 with one holder for 1.5 million common shares plus the accrued but unpaid interest on those notes.
27 May 2016listing compliance notice▲ Good
The NYSE accepted Comstock's plan to cure its listing deficiency, so its stock keeps trading while the exchange monitors its progress each quarter.
4 May 2016capital raising announcement▼ BadMajor
Alongside Q1 2016 results, Comstock disclosed four note-for-stock exchanges between April 13 and May 3: about $22.4 million of 7¾% 2019 notes and $2.5 million of 9½% 2020 notes. They were swapped for roughly 4.5 million and 0.5 million shares, plus shares for accrued interest on the 2020 notes.
6 Apr 2016capital raising announcement▼ Bad
Comstock completed another privately negotiated exchange on April 4, 2016, swapping $14.3 million of its 7¾% Senior Notes due 2019 for 2.6 million common shares plus accrued but unpaid interest.
30 Mar 2016listing compliance notice▼ BadMajor
The NYSE warned Comstock it had fallen below continued-listing standards (stock price, market cap and stockholders' equity all too low) as the 2015-16 gas price crash hit the stock -- the company must submit a compliance plan.
3 Feb 2016capital raising announcement▼ BadMajor
Comstock exchanged $40.0 million of its 7¾% senior notes due 2019 with holder Oasis Management for 4,614,655 common shares plus about $1.1 million cash for accrued interest. The exchange closed February 2, 2016.
14 Oct 2015listing compliance notice▲ GoodMajor
the New York Stock Exchange certified COMSTOCK RESOURCES INC's securities for listing, clearing them to begin trading.
17 Mar 2015debt financing● NeutralMajor
Comstock closed the $700 million sale of 10% senior secured notes due 2020, completing the refinancing announced days earlier and replacing its old bank facility.
9 Mar 2015material agreement● NeutralMajor
Comstock lined up a major refinancing: a $700 million private offering of 10% senior secured notes due 2020 plus a new $50 million revolving credit facility, with proceeds earmarked to retire its existing bank facility.
13 May 2014dividend declaration● Neutral
Comstock declared its regular $0.125/share dividend and announced the election of two new directors, Dr. Elizabeth Davis and Jim Turner, at its annual meeting.
12 May 2014material agreement● Neutral
Comstock priced a $100 million add-on to its existing 7.75% Senior Notes due 2019, using the roughly $103 million in proceeds to pay down its bank credit line.
21 Feb 2014dividend declaration▲ Good
Comstock declared a $0.125/share quarterly dividend, continuing its regular shareholder payout.
