DALLAS -- Comstock Resources Inc. said it closed a $10 million revolving credit facility with NBD Bank and Bank One Texas under which it refinanced $6 million outstanding under a term loan with Chemical Bank.
Comstock said amounts outstanding under the new credit facility bear interest at NBD's prime rate plus 1.5% and cannot exceed a borrowing base that was initially set at $6 million.
As a result of the early retirement of the term loan with Chemical Bank, Comstock said it will write off about $400,000 of unamortized debt issuance costs associated with the loan in the fourth quarter of 1993. The writeoff will represent a noncash, extraordinary gain to earnings, the company said.
