(Source: Shutterstock.com)
Dallas Cowboys owner Jerry Jones is putting his money where his money is, making an additional $100 million equity investment in Comstock Resources, of which he is already the majority shareholder.
Jones, through entities he controls, will acquire 12.5 million shares of common stock at a $8.036 per share — the average closing prices for the five trading days ended March 20.
Following the investment, Jones will increase ownership of Comstock to 67% from 65%. Comstock’s market capitalization is about $2.25 billion, suggesting his share of the company is valued at $1.5 billion.
Comstock said it will use the proceeds from the equity investment to pay down bank debt which was partially incurred to fund several recently completed acquisitions of 200,000 net undeveloped acres in Comstock’s Western Haynesville play for $58.7 million.
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