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Long-term Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt Long-term debt is comprised of the following:
| As of December 31,
| 2019 |  | 2020
| (In thousands)
7½% Senior Notes due 2025: |  |  |
Principal | $ | 625,000 |  |  | $ | 619,400 |
Discount, net of amortization | (169,232) |  |  | (145,672) |
9¾% Senior Notes due 2026: |  |  |
Principal | 850,000 |  |  | 1,650,000 |
Discount, net of amortization | (29,943) |  |  | (72,176) |
Bank Credit Facility: |  |  |
Principal | 1,250,000 |  |  | 500,000 |
Debt issuance costs, net of amortization | (25,693) |  |  | (34,403) |
| $ | 2,500,132 |  |  | $ | 2,517,149 |
The discounts on the senior notes are being amortized over the lives of the senior notes using the effective interest rate method. Issuance costs are amortized over the lives of the senior notes on a straight-line basis which approximates the amortization that would be calculated using an effective interest rate method. The following table summarizes Comstock's principal amount of debt as of December 31, 2020 by year of maturity:
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter |  | Total
| (In thousands)
Bank credit facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 500,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 500,000 |
7½% Senior Notes Due 2025 | — |  |  | — |  |  | — |  |  | — |  |  | 619,400 |  |  | — |  |  | 619,400 |
9¾% Senior Notes Due 2026 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,650,000 |  |  | 1,650,000 |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 500,000 |  |  | $ | 619,400 |  |  | $ | 1,650,000 |  |  | $ | 2,769,400 |
On August 14, 2018, the Company entered into a bank credit facility with Bank of Montreal, as administrative agent, and certain participating banks. The bank credit facility was subject to a borrowing base of $700.0 million. Concurrent with the closing of the Covey Park Acquisition, the bank credit facility was amended and restated to provide for a $1.6 billion borrowing base which is re-determined on a semi-annual basis and upon the occurrence of certain other events. The maturity date was extended to July 16, 2024. The borrowing base was re-determined at $1.4 billion during 2020. Borrowings under the bank credit facility are secured by substantially all of the assets of the Company and its subsidiaries and bear interest at the Company's option, at either LIBOR plus 2.25% to 3.25% or a base rate plus 1.25% to 2.25%, in each case depending on the utilization of the borrowing base. The Company also pays a commitment fee of 0.375% to 0.5% on the unused borrowing base. The weighted average interest rate on borrowings under the bank credit facility were 3.48% and 4.69% as of December 31, 2020 and 2019, respectively. The bank credit facility places certain restrictions upon the Company's and its subsidiaries' ability to, among other things, incur additional indebtedness, pay cash dividends, repurchase common stock, make certain loans, investments and divestitures and redeem the senior notes. The only financial covenants are the maintenance of a last twelve month leverage ratio of less than 4.0 to 1.0 and an adjusted current ratio of at least 1.0 to 1.0. The Company was in compliance with the covenants as of December 31, 2020. On February 12, 2021, Wells Fargo Bank was appointed administrative agent. In connection with the Jones Contribution, the Company completed a series of refinancing transactions to retire all of its then-outstanding senior secured and unsecured convertible notes. On August 3, 2018, the Company issued $850.0 million principal amount of its 9¾% Senior Notes due 2026 in an underwritten offering and received proceeds of $815.9 million. Interest on the senior notes is payable on February 15 and August 15 at an annual rate of 9.75% and the senior notes mature on August 15, 2026. As a part of the Covey Park Acquisition, the Company assumed $625.0 million of senior notes. The fair market value of the notes at the closing was $446.6 million. Interest on the assumed notes is payable on May 15 and November 15 at an annual rate of 7.5%. These senior notes mature on May 15, 2025. In May 2020, the Company exchanged 767,096 shares of its common stock, valued at approximately $5.0 million, to retire $5.6 million aggregate principal amount of the Company's 7½% Senior Notes due 2025, which had a carrying value of $4.2 million. As a result, the Company recognized a $0.9 million loss on early retirement of debt in 2020. On June 23, 2020, the Company issued $500.0 million principal amount of its 9¾% Senior Notes due 2026 in an underwritten offering and received net proceeds of $441.1 million, which were used to repay borrowings under the Company's bank credit facility. On August 19, 2020, the Company issued an additional $300.0 million principal amount of its 9¾% Senior Notes due 2026 in an underwritten offering and received net proceeds of $296.4 million, which were used to further repay borrowings under the Company's bank credit facility.

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