Item 8.01. Other Events.
On August 17, 2016, Range Resources Corporation (
Range
) announced the early tender results as of 5:00 p.m., New York City time, on
August 16, 2016 (the
Early Tender Deadline
), of its previously announced exchange offers for certain of Ranges and Memorial Resource Development Corp.s (
Memorial
) notes and the cash tender
offers for Memorials notes (collectively, the
Offers
).
In connection with the Offers, Range solicited consents from noteholders
to amend the indentures governing notes subject to the Offers (each, an
Existing Indenture
) to eliminate certain of the covenants, restrictive provisions and events of default (collectively, the
Proposed
Amendments
).
The Offers and related consent solicitations are subject to the satisfaction of certain conditions, including, among other things,
the consummation of the merger of Range and Memorial pursuant to the Agreement and Plan of Merger, dated May 15, 2016 (the
Merger
). The consummation of the Merger is not conditioned upon the completion of any of the Offers or
related consent solicitations.
Based on the receipt of the requisite number of consents in the consent solicitations, Range or Memorial, as applicable,
and the respective guarantors will execute supplements to each of the Existing Indentures (each, a
Supplemental Indenture
) with the trustee under each Existing Indenture with respect to the applicable Proposed Amendments. Each
Supplemental Indenture will become effective upon execution, but provides that the applicable Proposed Amendments will become operative only upon consummation of the applicable Offer, as well as the consummation of the Merger.
Holders who have not yet tendered their existing notes subject to the Offers (the
Existing Notes
) have until 11:59 p.m., New York City
time, on August 30, 2016, unless extended by Range (the
Expiration Time
), to tender their Existing Notes pursuant to the Offers.
The deadline for holders to validly withdraw tendered Existing Notes and validly revoke their consents expired at 5:00 p.m., New York City time, on
August 16, 2016 (the
Withdrawal Deadline
). Therefore, any additional Existing Notes tendered and consents delivered may not be validly withdrawn or revoked, except as required by law. In addition, because the Early Tender
Deadline has passed, the previously disclosed exchange and payment terms relating to periods after the Early Tender Deadline are now in effect until the Expiration Time.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Important Additional Information
This Current
Report on
Form 8-K
(Form 8-K)
does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any
vote or approval. This
Form 8-K
is being made in respect of transactions related to the proposed merger transaction involving Range and Memorial.
In connection with the Merger, Range has filed with the Securities and Exchange Commission (the SEC) a registration statement on
Form S-4
(333-211994)
on June 13, 2016, as amended, which has been declared effective by the SEC and includes a joint proxy statement of Range and Memorial and
also constitutes a prospectus of Range. Each of Range and Memorial also plan to file other relevant documents with the SEC regarding the Merger. No offering of securities shall be made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act. The definitive joint proxy statement/prospectus(es) for Range and/or Memorial will be mailed to shareholders of Range and/or Memorial, as applicable.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS REGARDING THE MERGER, INVESTORS AND SECURITY HOLDERS OF RANGE AND/OR Memorial ARE URGED TO READ THE JOINT
PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION.
Investors and security holders may obtain free copies of the joint proxy statement/prospectus, any amendments or
supplements thereto and other documents containing important information about Range and Memorial, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by
Range will be available free of charge on Ranges website at http://www.rangeresources.com/ under the heading Investors or by contacting Ranges Investor Relations Department by email at lsando@rangeresources.com,
damend@rangeresources.com, mfreeman@rangeresources.com, or by phone at
817-869-4267.
Copies of the documents filed with the SEC by Memorial will be available free of
charge on Memorials website at http://www.memorialrd.com under the heading Investor Relations or by phone at
713-588-8339.
Participants in the Solicitation
Range, Memorial
and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors
and executive officers of Memorial is set forth in its proxy statement for its 2016 annual meeting of shareholders, which was filed with the SEC on April 1, 2016. Information about the directors and executive officers of Range is set forth in
its proxy statement for its 2016 annual meeting of stockholders, which was filed with the SEC on April 8, 2016. These documents can be obtained free of charge from the sources indicated above.
Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or
otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Investors should read the joint proxy statement/prospectus carefully before making any voting or
investment decisions regarding the Merger. Investors may obtain free copies of these documents from Range or Memorial using the sources indicated above.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains certain forward-looking statements within the meaning of federal securities laws, including within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Ranges current beliefs, expectations or intentions regarding future events. Words such as may,
will, could, should, expect, plan, project, intend, anticipate, believe, estimate, predict, potential,
pursue, target, continue, and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding
the expected timetable for completing the proposed transaction, benefits and synergies of the proposed transaction, costs and other anticipated financial impacts of the proposed transaction; the combined companys plans, objectives, future
opportunities for the combined company and products, future financial performance and operating results and any other statements regarding Ranges and Memorials future expectations, beliefs, plans, objectives, financial conditions,
assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. Furthermore, the statements relating to the proposed transaction are subject to numerous
risks and uncertainties, many of which are beyond Ranges or Memorials control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are
not limited to: failure to obtain the required votes of Ranges or Memorials shareholders; the timing to consummate the proposed transaction; satisfaction of the conditions to closing of the proposed transaction may not be satisfied or
that the closing of the proposed transaction otherwise does not occur; the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; the diversion
of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Range and Memorial; the effects of the business combination of Range and Memorial, including the combined companys
future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; expected synergies and other benefits
from the proposed transaction and the ability of Range to realize such synergies and other benefits; expectations regarding regulatory approval of the transaction; results of litigation, settlements and investigations; and actions by third parties,
including governmental agencies; changes in the demand for or price of oil and/or natural gas can be significantly impacted by weakness in the worldwide economy; consequences of audits and investigations by government agencies and legislative bodies
and related publicity and
potential adverse proceedings by such agencies; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural
gas exploration; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; weather-related issues; changes in capital spending by customers; delays or failures by customers to make payments owed
to us; impairment of oil and natural gas properties; structural changes in the oil and natural gas industry; and maintaining a highly skilled workforce. Ranges and Memorials respective reports on
Form 10-K
for the year ended December 31, 2015,
Form 10-Q
for the quarter ended March 31, 2016 and June 30, 2016, recent Current Reports on
Form 8-K,
and other SEC filings, including the registration statement on
Form S-4,
as amended, that includes a joint proxy statement of Range and Memorial and
constitutes a prospectus of Range, discuss some of the important risk factors identified that may affect these factors and Ranges and Memorials respective business, results of operations and financial condition. Range and Memorial
undertake no obligation to revise or update publicly any forward-looking statements for any reason. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.