Range Resources Corp. : RANGE ANNOUNCES OFFERING OF SENIOR SUBORDINATED NOTES
02/24/2012| 08:55am US/Eastern
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FORT WORTH, TEXAS, FEBRUARY 24, 2012
RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that
it intends, subject to market conditions, to publicly offer
$500 million in aggregate principal amount of senior
subordinated notes due 2022. The offering and sale of
the senior subordinated notes is being made pursuant to an
automatic shelf registration statement on Form S-3 filed
today with the Securities and Exchange Commission
("SEC").
Range intends to use a portion of the net proceeds to repay
up to $350 million of borrowings under its senior credit
facility. It intends to use the remaining net proceeds
to fund its 2012 capital expenditure budget, and, pending
that use, for general corporate purposes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P.
Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays
Capital Inc. and Deutsche Bank Securities Inc. will act as
joint book-running managers for the senior subordinated notes
offering. A copy of the preliminary prospectus supplement and
related base prospectus for the offering may be obtained on
the SEC website at www.sec.gov. Alternatively, the
underwriters will arrange to send you the preliminary
prospectus supplement and related base prospectus if you
request them by contacting Merrill Lynch, Pierce, Fenner &
Smith Incorporated at 4 World Financial Center, New York, NY
10080, attention: Prospectus Department, or via phone
at 1-800-294-1322, or by e-mailing
dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC
at 383 Madison Avenue, New York, NY 10179, attention: High
Yield Syndicate, or via phone at 1-800-245-8812, or by
e-mailing HY_syndicate@jpmorgan.com; Wells Fargo Securities,
LLC at 550 South Tryon Street, 7th Floor MAC D1086-070,
Charlotte, NC 28202, attention: Client Support, or via phone
at 1-800-326-5897, or by e-mailing
cmclientsupport@wellsfargo.com; Barclays Capital Inc. c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or via phone at 1-888-603-5847, or by
e-mailing barclaysprospectus@broadridge.com or Deutsche Bank
Securities Inc. at 100 Plaza One, Floor 2, Jersey City, NJ
07311, attention: Prospectus Department.
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading
independent natural gas, natural gas liquids, and oil
producer with operations focused in the Appalachia and
Southwest regions of the United States.
This announcement is neither an offer to sell nor a
solicitation of an offer to buy any of the senior
subordinated notes referred to above. An offering of any such
securities will be made only by means of a prospectus. Any
such prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale
of any such securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of
any such state or jurisdiction.
Except for historical information, statements made in this
release about the proposed offering are forward-looking
statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based on
assumptions and estimates that Range's management
believes are reasonable based on currently available
information; however, management's assumptions and
Range's future performance are subject to a wide range of
business risks and uncertainties, and there is no assurance
that these goals and projections can or will be met. Any
number of factors could cause actual results to differ
materially from those in the forward-looking statements,
including, but not limited to, the volatility of oil and gas
prices, the results of Range's hedging transactions, the
costs and results of drilling and operations, the timing of
production, mechanical and other inherent risks associated
with oil and gas production, weather, the availability of
drilling equipment, changes in interest rates, litigation,
uncertainties about reserve estimates, environmental risks
and regulatory changes. Range undertakes no obligation
to publicly update or revise any forward-looking statements.
Further information on risks and uncertainties is available
in Range's filings with the SEC, which are incorporated
herein by reference.
Contacts:
Rodney Waller, Senior Vice
President 817-869-4258
David Amend, Investor Relations
Manager 817-869-4266
Laith Sando, Senior Financial
Analyst
817-869-4267
HUG#1588738
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