Range Eyes Acquisitions Following Common Stock Offering
Range Resources Corp. on Monday said that it plans to offer 7 million shares of common stock to the public through an underwritten offering.
The underwriters for this offering will also have the option to purchase up to 1.05 million additional shares of common stock to cover any over-allotments. Range intends to use the net proceeds from the offering to fund acquisitions. Pending such use, the funds will be used to pay down a portion of the outstanding balance of Range's senior credit facility.
Range Resources Corp. is an independent oil and gas company operating in the Southwestern, Appalachian and Gulf Coast regions of the United States.
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