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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT At March 31, 2022, long-term debt was comprised of the following:
| (In thousands)
7.50% Senior Notes due 2025: |
Principal | $ | 244,400 |
Discount, net of amortization | (44,642) |
6.75% Senior Notes due 2029: |
Principal | 1,250,000 |
Premium, net of amortization | 6,685 |
5.875% Senior Notes due 2030: |
Principal | 965,000 |
Bank Credit Facility: |
Principal | 150,000 |
Debt issuance costs, net of amortization | (36,983) |
| $ | 2,534,460 |
As of March 31, 2022, the Company had $150.0 million outstanding under a bank credit facility with a $1.4 billion committed borrowing base which is re-determined on a semi-annual basis and upon the occurrence of certain other events and matures on July 16, 2024. 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 portion of the borrowing base. 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 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 March 31, 2022. In March 2021, the Company issued $1.25 billion principal amount of its 6.75% senior notes due 2029 in a private placement and received net proceeds after offering costs of $1.24 billion, which were used to repurchase a portion of the Company's 7.50% senior notes due 2025 and 9.75% senior notes due 2026 pursuant to a tender offer. Pursuant to the tender offer, Comstock repurchased $375.0 million principal amount of the 7.50% senior notes due 2025 and $777.1 million principal amount of the 9.75% senior notes due 2026 for an aggregate amount of $1.26 billion, which included premiums paid over face value of $97.9 million, accrued interest of $12.5 million and $1.1 million of costs related to the tender offer. As a result of the early retirement of the senior notes, the Company recognized a loss of $238.5 million.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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