Comstock Resources Inc. (CRK) completed a private exchange of 7.75% senior notes due 2019 with a noteholder, the company said Feb. 3.

For about 4.6 million common shares plus unpaid interest on the notes, the noteholder exchanged $40 million in principal amount of the notes.

Comstock said it reduced its outstanding debt by $40 million and will save $3.1 million in annual interest.

When the notes mature, Comstock will save $10.8 million in future interest payments. Combined with open market debt repurchasing, Comstock has reduced long-term debt by $169.5 million since April 2015, saving a total of $15 million in annual interest.

Comstock Resources Inc. is based in Frisco, Texas.