COMSTOCK RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (4) Long-term Debt Long-term debt is comprised of the following: The discount on the senior notes is being amortized over the life of the senior notes using the effective interest rate method. The following table summarizes Comstock’s debt as of December 31, 2012 by year of maturity: Bank credit facility ............... 7$^{3}$/$_{4}$% senior notes ............... 9$^{1}$/$_{2}$% senior notes ............... Comstock has a $1.0 billion bank credit facility with Bank of Montreal, as the administrative agent. The bank credit facility is a five year revolving credit commitment that matures on November 22, 2018. Indebtedness under the bank credit facility is secured by all of Comstock’s assets and is guaranteed by all of its wholly owned subsidiaries. The credit facility is subject to borrowing base availability, which is redetermined semiannually based on the banks’ estimates of the Company’s future net cash flows of oil and natural gas properties. As of December 31, 2013, the borrowing base was $625.0 million, of which $415.0 million was available. The borrowing base may be affected by the performance of Comstock’s properties and changes in oil and natural gas prices. The determination of the borrowing base is at the sole discretion of the administrative agent and the bank group. Borrowings under the bank credit facility bear interest, based on the utilization of the borrowing base, at Comstock’s option at either (1) LIBOR plus 1.5% to 2.5% or (2) the base rate (which is the higher of the administrative agent’s prime rate, the federal funds rate plus 0.5% or 30 day LIBOR plus 1.0%) plus 0.5% to 1.5%. A commitment fee of 0.375% to 0.5%, based on the utilization of the borrowing base, is payable annually on the unused borrowing base. The bank credit facility contains covenants that, among other things, restrict the payment of cash dividends and repurchases of common stock in excess of $120.0 million per year, limit the amount of consolidated debt that Comstock may incur and limit the Company’s ability to make certain loans and investments. The only financial covenants are the maintenance of a leverage ratio and the maintenance of an interest coverage ratio. The Company was in compliance with these covenants as of December 31, 2013. F-20 Bank credit facility ........................................... 8 $^{3}$⁄ 8% senior notes due 2017 .................................... Discount related to 8 $^{3}$⁄ 8% senior notes due 2017 .................... 7$^{3}$/$_{4}$% senior notes due 2019 .................................... 9$^{1}$/$_{2}$% senior notes due 2020 .................................... Discount related to 9$^{1}$/$_{2}$% senior notes due 2020 .................... As of December 31, 2012 2013 (In thousands) $ 440,000 $ 210,000 300,000 — (2,556) — 300,000 300,000 300,000 300,000 (13,061) (11,300) $ 1,324,383 $ 798,700 2014 2015 2016 2017 2018 Thereafter Total (In thousands) $ — $ — $ — $ — $210,000 $ — $210,000 — — — — — 300,000 300,000 — — — — — 288,700 288,700 $ — $ — $ — $ — $210,000 $588,700 $798,700