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LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2013
LONG-TERM DEBT | (3) LONG-TERM DEBT – At June 30, 2013, long-term debt was comprised of:
| (In thousands) |
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Bank credit facility | $ |  | — |
8 3/8% Senior Notes due 2017 |  | 295,504 |
7 3/4% Senior Notes due 2019 |  | 300,000 |
9 1/2% Senior Notes due 2020 |  | 287,820 |
| $ |  | 883,324 |
Comstock has a $850.0 million bank credit facility with Bank of Montreal, as the administrative agent. The credit facility is a five year revolving credit commitment that matures on November 30, 2015. Indebtedness under the credit facility is secured by substantially all of Comstock’s assets and is guaranteed by all of its wholly owned subsidiaries. The credit facility is subject to borrowing base availability, which is redetermined semiannually based on the banks’ estimates of the Company’s future net cash flows of oil and gas properties. The borrowing base may be affected by the performance of Comstock’s properties and changes in oil and natural gas prices. The determination of the borrowing base is at the sole discretion of the administrative agent and the bank group. As of June 30, 2013, the borrowing base was $500.0 million, all of which was available. Borrowings under the credit facility bear interest, based on the utilization of the borrowing base, at Comstock’s option at either (1) LIBOR plus 1.75% to 2.75% or (2) the base rate (which is the higher of the administrative agent’s prime rate, the federa l funds rate plus 0.5% or 30 day LIBOR plus 1.0%) plus 0.75% to 1.75%. A commitment fee of 0.5% is payable annually on the unused borrowing base. The credit facility contains covenants that, among other things, limit the payment of cash dividends and repurchases o f shares and the amount of consolidated debt that Comstock may incur and the ability to make certain loans and investments. The only financial covenants are the maintenance of a ratio of current assets, including availability under the bank credit facility, to current liabilities and maintenance of a leverage ratio. The Company was in compliance with these covenants as of June 30, 2013. The outstanding balance under the bank credit facility was repaid with a portion of the proceeds from the West Texas divestiture. Comstock has $297.8 million in principal amount of 8 3/8% senior n otes outstanding which mature on October 15, 2017 (the “2017 Notes”). Interest on the 2017 Notes is payable semiannually on each April 15 and October 15. In June 2013, the Company repurchased $2.2 mil lion in principal amount of the 2017 N otes at 10 3.3% of the par value. The C ompany also has $300.0 million in principal amount of 7 3/4% senior notes (the “2019 Notes”) which mature on April 1, 2019; interest is payable semiannually on each April 1 and October 1. Comstock also has $300.0 million in principal amount of 9 1/2% senior notes (the “2020 Notes”) that were issued on June 5, 2012 and mature on June 15, 2020. Interest on the 2020 Notes is payable semi-annually on each June 15 and December 15. All of t he n otes are unsecured obligations of Comstock and are guaranteed by all of Comstock’s material subsidiaries. Such subsidiary guarantors are 100% owned and all of the guarantees are full and unconditional and joint and several obligations. As of June 30, 2013, Comstock had no material assets or operations which were independent of its subsidiaries. There are no restrictions on the ability of Comstock to obtain funds from its subsidiaries through dividends or loans.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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