Range Resources Prices $550-Million Senior Notes Offering
Zacks Investment Research | Jan 09, 2020 09:01PM ET
Range Resources Corporation (NYSE:RRC) recently announced the pricing of $550 million aggregate principal amount of senior notes. The offering of the notes, being upsized from $500 million, is likely to close on Jan 24.
The senior notes, carrying an interest rate of 9.25% and expected to mature in 2026, have been priced at par. The upstream energy player estimates the offering’s net proceeds at roughly $541.6 million.
Range Resources is planning to set aside a portion of the net proceeds for the purchase of target senior notes in tender offers, commenced on Jan 8. The tender offer is to purchase for cash a collective target notes of a total aggregate principal amount of up $500 million. Notably, the outstanding target notes comprise three senior notes. One of the notes carries an interest rate of 5.750% and will mature in 2021. The other two notes will mature in 2022 and carry an interest rate of 5.875% and 5.000%, respectively.
The remaining of the net proceeds from the offering will be utilized by the oil and gas explorer to repay borrowings under bank credit facility.
Headquartered in Fort Worth, TX, Range Resources is among the leading natural gas explorers and producers in the domestic market. The company’s operations are primarily focused on the Appalachian Basin and North Louisiana. Range Resources has a large inventory of drilling locations in those prospective resources, brightening the production outlook.
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