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Range Resources to repay some bank debt with notes and stock proceeds
By Sara Rosenberg
New York, April 28 - Range Resources Corp. plans to repay some of the outstanding debt under its senior credit facility using proceeds from a $250 million senior subordinated notes offering and a common stock offering, according to a 424B2 filed with the Securities and Exchange Commission Monday.
The company is offering 3.5 million shares of its common stock, which based on an assumed offering price of $69.39 per share, would generate about $232.4 million of net proceeds.
The stock offering is expected to be completed on May 6.
As of March 31, the company had $592.5 million outstanding under its credit facility.
Range Resources is a Fort Worth, Texas-based oil and gas company.
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