Range Prices Senior Subordinated
Range Resources has priced an offering of $250 million aggregate principal amount of Senior Subordinated Notes Due 2017, which will carry an interest rate of 7.5% being sold at par. Range expects that the net proceeds of the offering will be $247 million and intends to use the net proceeds to pay down a portion of the outstanding balance on its senior credit facility. Range expects to close the sale of the notes on September 28, 2007, subject to the satisfaction of customary closing conditions.
J. P. Morgan Securities Inc. is acting as Sole Book-Running Manager for the notes offering and RBC Capital Markets Corporation is serving as co-manager.
Range Resources Corporation (NYSE:RRC) is an independent oil and gas company operating in the Southwestern, Appalachian and Gulf Coast regions of the United States.
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