Financing ·
Comstock Resources, Inc. sold a 27% non-controlling common equity interest in its midstream subsidiary, Pinnacle Gas…
CRKComstock Resources Inc
Comstock Resources, Inc. sold a 27% non-controlling common equity interest in its midstream subsidiary, Pinnacle Gas Services LLC, to funds managed by Sixth Street for $600 million. The company used the proceeds to extinguish Pinnacle's preferred equity securities for $445 million plus accrued dividends and retire all outstanding indebtedness, transaction costs, and working capital needs. Comstock retains a 73% controlling interest and will continue to manage and operate Pinnacle. Comstock Resources, Inc. is an energy company focused on the development and production of natural gas.