Range Announces $200 Million Offering of Additional 9.250% Senior Notes Due 2026
August 18 2020 - 7:28AM
RANGE RESOURCES CORPORATION (NYSE: RRC) (“Range”
or the “Company”) announced today that it intends, subject to
market conditions, to offer $200 million aggregate principal amount
of its 9.250% senior notes due 2026 (the “New Notes”) in a private
placement to eligible purchasers.
The New Notes are being offered as additional
notes to the $550 million aggregate principal amount of the 9.250%
senior notes due 2026 previously issued by Range on January 24,
2020 (the “Initial Notes”). The New Notes will have identical terms
as the Initial Notes, other than the issue date, and the New Notes
and the Initial Notes will be treated as a single class of
securities under the indenture.
On August 18, 2020, Range also commenced tender
offers to purchase for cash (the “Tender Offers”), subject to
certain conditions, up to $400 million aggregate principal amount
of its outstanding 5.750% senior notes due 2021, 5.750% senior
subordinated notes due 2021, 5.875% senior notes due 2022, 5.000%
senior notes due 2022, 5.000% senior subordinated notes due 2022
and 5.000% senior notes due 2023 (collectively, the “Target
Notes”). Range intends to use the net proceeds from the offering,
together with borrowings from its bank credit facility, if
necessary, to purchase Target Notes in the Tender Offers, including
fees and expenses incurred in connection therewith, with the
remainder of the net proceeds, if any, to be used to repay
borrowings under its bank credit facility.
The New 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 New Notes will be offered
only to persons reasonably believed to be qualified institutional
buyers under Rule 144A under the Securities Act and to persons
outside the United States under Regulation S under the Securities
Act.
RANGE RESOURCES CORPORATION (NYSE:
RRC) is a leading U.S. independent natural gas and
NGL producer with operations focused in stacked-pay projects
in the Appalachian Basin. The Company pursues an organic
development strategy targeting high return, low-cost projects
within its large inventory of low risk development drilling
opportunities. The Company is headquartered in Fort
Worth, Texas.
This press release is being issued pursuant to
Rule 135c under the Securities Act, and is neither an offer to sell
nor a solicitation of an offer to buy any of the notes referred to
above. There shall not be any sale of any such securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The offering may
be made only by means of an offering memorandum.
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act of 1934, including those related
to the Company’s securities offering. These statements are based on
assumptions and estimates that Range’s management believes are
reasonable based on currently available information; however,
management’s assumptions and Range’s future performance are subject
to a wide range of business risks and uncertainties, and there is
no assurance that these goals and projections can or will be met.
Any number of factors could cause actual results to differ
materially from those in the forward-looking statements, including,
but not limited to, the volatility of oil and gas prices, the
results of Range’s hedging transactions, the costs and results of
actual drilling and operations, the timing of production,
mechanical and other inherent risks associated with oil and gas
production, weather, the availability of drilling equipment,
changes in interest rates, litigation, uncertainties about reserve
estimates, environmental risks and regulatory changes. Range
undertakes no obligation to publicly update or revise any
forward-looking statements. Further information on risks and
uncertainties is available in Range’s filings with the Securities
and Exchange Commission, including its most recent Annual Report on
Form 10-K and its subsequent Quarterly Reports on Form 10-Q, which
are incorporated herein by reference.
Range Investor Contact:
Laith Sando, Vice President – Investor
Relations817-869-4267lsando@rangeresources.com
Range Media Contact:
Mark Windle, Manager of Corporate
Communications724-873-3223mwindle@rangeresources.com
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