I'm LongbridgeAI, I can summarize articles.Comstock Resources sold a 27% non-controlling stake in Pinnacle to Sixth Street for $600 million, implying a $2.2 billion enterprise value. Proceeds were used to retire preferred equity and pay down debt, strengthening the balance sheet. Comstock retains its 73% controlling interest and operational control. The transaction is expected to reduce fixed charges by approximately $40 million annually and deleverage the business.
Comstock sold a 27% non‑controlling stake in Pinnacle to Sixth Street for $600 million, using proceeds to retire preferred equity, pay debt and strengthen its balance sheet.
Key Highlights:
- Sixth Street invested $600 million to acquire a 27% non‑controlling common equity interest in Pinnacle.
- Transaction implies a $2.2 billion enterprise value for Pinnacle and values Comstock's 73% stake at about $1.6 billion.
- Proceeds fully extinguished Pinnacle preferred equity ($445M plus accrued dividends), paid outstanding indebtedness, transaction costs and working capital.
- Comstock retains management, operational control and a controlling 73% interest; Sixth Street ownership can decline to 19.5% if return hurdles met.
- Deal is expected to materially reduce Pinnacle's fixed charges by about $40 million per year and deleverage the business.
Original SEC Filing: COMSTOCK RESOURCES INC [ CRK ] - 8-K - Jun. 16, 2026
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