The proceeds will be used to repay borrowings on the company's revolver, improving Comstock's liquidity. Comstock's 7.5% senior unsecured notes due 2025 and 9.75% senior unsecured notes due 2026 are rated Caa1, one notch below the CFR, reflecting their effective subordination to the secured revolving credit facility due 2024 (unrated) which has a priority claim to the company's assets. Comstock's B3 CFR reflects basin concentration in the Haynesville Shale and a natural gas focus amid the low natural gas price environment. Proximity to Henry Hub drives low basis differentials for its natural gas production and the Haynesville has solid gathering and pipeline infrastructure providing no takeaway capacity concerns. Comstock is prioritizing free cash flow generation in 2020 and 2021 over production growth.