Long-term Debt

12 Months Ended

Dec. 31, 2022

Long-term debt is comprised of the following:


	As of December 31,
	2022		2021
	(In thousands)
Bank Credit Facility:
Principal	$	—	$	235,000
6.75% Senior Notes Due 2029:
Principal	1,223,880		1,250,000
Premium, net of amortization	5,956		6,874
5.875% Senior Notes Due 2030:
Principal	965,000		965,000
7.5% Senior Notes due 2025:
Principal	—		244,400
Discount, net of amortization	—		(47,402)
Debt issuance costs, net of amortization	(42,265)		(38,637)
	$	2,152,571	$	2,615,235

The premium on the 6.75% senior notes due 2029 is being amortized over its life using the effective interest rate method. Debt issuance costs are amortized over the lives of the bank credit facility and 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, 2022 by year of maturity:


	2023		2024		2025		2026		2027		Thereafter		Total
	(In thousands)

6.75% Senior Notes due 2029	—		—		—		—		—		1,223,880		1,223,880
5.875% Senior Notes due 2030	—		—		—		—		—		965,000		965,000
	$	—	$	—	$	—	$	—	$	—	$	2,188,880	$	2,188,880

On November 15, 2022, the Company entered into an amended and restated bank credit facility with Wells Fargo Bank National Association, as administrative agent, and other participating banks with an aggregate commitment of $1.5 billion. The new bank credit facility is subject to a borrowing base of $2.0 billion, which is redetermined on a semi-annual basis and upon the occurrence of certain other events and matures on November 15, 2027. 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 adjusted SOFR plus 1.75% to 2.75% or an alternative base rate plus 0.75% to 1.75%, in each case depending on the utilization of the borrowing base. There were no borrowings outstanding at December 31, 2022. The Company pays a commitment fee of 0.375% to 0.5%, which is dependent on the utilization of the borrowing base. The weighted average interest rate on borrowings under the bank credit facility were 3.61% and 2.71% during the years ended December 31, 2022 and 2021, 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 leverage ratio of less than 3.5 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, 2022.

In May 2022, the Company completed the early redemption of all of its outstanding 7.5% senior notes due in 2025 for an aggregate amount of $258.1 million, which included principal of $244.4 million, premiums paid over face value of $4.5 million and accrued interest of $9.2 million. As a result of the redemption, the Company recognized a loss of $47.8 million on early retirement of debt including the write-off of $43.3 million of unamortized discount resulting from adjusting the senior notes to fair value on the date that they were assumed by the Company.

In June 2022, the Company repurchased $26.1 million principal amount of its 6.75% senior notes due in 2029 for $24.9 million. The Company recognized a gain of $1.0 million on early retirement of debt relating to the repurchase.

In 2021, the Company refinanced $375.0 million principal amount of its 7.5% senior notes due in 2025 and $1,650.0 million principal amount of its 9.75% senior notes due 2026 with proceeds from the issuance of $1,250.0 million principal amount of its 6.75% senior notes due in 2029 and $965.0 million principal amount of its 5.875% senior notes due in 2030. The Company recognized a loss of $352.6 million on early retirement of debt for the year ended December 31, 2021.