Range Resources Corporation Announces Early Results of Cash Tender Offers
January 23, 2020 at 01:59 pm
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Range Resources Corporation announced the results to date of the company's previously announced cash tender offers (the “Tender Offers”) to purchase up to $500 million aggregate principal amount (the “Aggregate Maximum Tender Amount”) of its outstanding 5.750% senior notes due 2021 (the “2021 Notes”), 5.875% senior notes due 2022 (the “5.875% 2022 Notes”) and 5.000% senior notes due 2022 (the “5.000% 2022 Notes”) (collectively, the “Notes”). The amount of each series of Notes expected to be accepted for purchase was determined pursuant to the terms and conditions of the Tender Offers as set in the Offer to Purchase dated January 8, 2020 (the “Offer to Purchase”). Subject to satisfaction of the conditions to the Tender Offers set in the Offer to Purchase, including closing of the Company’s previously announced offering of 9.25% senior notes due 2026 on January 24, 2020, the Company expects to accept and pay for Notes tendered prior to the Early Tender Date, subject to proration described herein, on or about January 24, 2020 (the “Early Settlement Date”). Holders of Notes that have been accepted for purchase in connection with the Early Tender Date will receive the applicable Total Consideration set in the table above, which includes an early tender premium of $50.00 per $1,000 principal amount of the Notes accepted for purchase (the “Early Tender Premium”). In addition to the Total Consideration, all holders of Notes accepted for purchase in connection with the Early Tender Date will receive accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Notes up to, but not including, the Early Settlement Date.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and crude oil and condensate company. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian region of the United States. Its principal area of operations is the Marcellus Shale in Pennsylvania. Its properties consist of interests in developed and undeveloped natural gas and oil leases. It owns approximately 1,466 net producing wells in Pennsylvania. It has an unbooked resource potential within the Marcellus, Utica/Point Pleasant and Upper Devonian formations. Its exploration and production operations are limited to the onshore United States. It has approximately 860,000 gross (753,000 net) acres under lease. Its subsidiaries include Range Resources-Appalachia, LLC, Range Resources-Pine Mountain, LLC, Range Production Company, LLC, Range Resources-Midcontinent, LLC and Range Resources-Louisiana, Inc.