Comstock Resources sold a 27% equity interest in its midstream subsidiary, Pinnacle Gas Services, to Sixth Street for $600 million, valuing Pinnacle at $2.2 billion. The investment will be used to retire $445 million in preferred equity and all outstanding debt, reducing Pinnacle's fixed charges by approximately $40 million annually. Comstock retains a 73% controlling interest in Pinnacle and will continue to manage its operations.
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