Range Resources Corporation Announces an Offering of $550 Million Aggregate Principal Amount of Senior Notes Due 2026
January 09, 2020 at 05:52 pm
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RANGE RESOURCES CORPORATION announced that it has priced at par an offering of $550 million aggregate principal amount of senior notes due 2026 (the “notes”), which will carry an interest rate of 9.25%. Range expects that the net proceeds of the offering will be approximately $541.6 million. The size of the offering was increased from the previously announced $500 million to $550 million. On January 8, 2020, Range also commenced tender offers to purchase for cash (the “Tender Offers”), subject to certain conditions, up to $500 million aggregate principal amount of its outstanding 5.750% senior notes due 2021, 5.875% senior notes due 2022 and 5.000% senior notes due 2022 (collectively, the “Target Notes”). Range intends to use the net proceeds from the offering to purchase Target Notes in the Tender Offers, including fees and expenses incurred in connection therewith, with the remainder of the net proceeds to be used to repay borrowings under its bank credit facility. Range expects to close the sale of the notes on January 24, 2020, subject to the satisfaction of customary closing conditions. The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. The notes were offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S under the Securities Act.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and crude oil and condensate company. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian region of the United States. Its principal area of operations is the Marcellus Shale in Pennsylvania. Its properties consist of interests in developed and undeveloped natural gas and oil leases. It owns approximately 1,466 net producing wells in Pennsylvania. It has an unbooked resource potential within the Marcellus, Utica/Point Pleasant and Upper Devonian formations. Its exploration and production operations are limited to the onshore United States. It has approximately 860,000 gross (753,000 net) acres under lease. Its subsidiaries include Range Resources-Appalachia, LLC, Range Resources-Pine Mountain, LLC, Range Production Company, LLC, Range Resources-Midcontinent, LLC and Range Resources-Louisiana, Inc.