Range Closes Revolving Credit Facility
Range has closed a new $2B five-year revolving credit facility. The new facility is $500 million larger than the facility it replaces and was approved without the benefit of the Barnett Shale properties. Lender commitments under the new facility total $1.5 billion, a $250 million increase over the previous facility. A divestiture of the Barnett Shale properties will not reduce the facility size or the lender commitments and will require no further lender approvals.
All banks participating in Range’s previous credit facility continue to be lenders in the new facility, along with one new institution. The bank syndicate is a diversified group consisting of 27 financial institutions, 13 domestic and 14 foreign, with each institution holding less than 7% of total commitments. Range currently has $474 million outstanding under the facility, leaving over $1 billion in available liquidity.
Commenting, Roger S. Manny, Range's Executive Vice President and CFO, said, "This new credit facility clearly demonstrates the strength of the Company, the quality of its reserve base and its low cost structure. Even without the borrowing capacity of the Barnett Shale properties, we have increased the facility size, improved its terms, and extended the maturity to 2016. Range considers its bank credit facility to be a vital component of its capital structure, and we are pleased to have the continued support of our bank group. With this renewal, Range has no debt maturing prior to 2015 and is in an excellent position to continue to execute our business plan."