Range Resources closes on new revolving credit facility, increasing financial flexibility

By Sara Rosenberg

New York, May 2 - Range Resources Corp. said it completed a new revolving credit facility, which increased the company's borrowing base to $135 million from $120 million. Under the new facility, the company now has available borrowings of $35 million and the amount may increase by up to $10 million if the company continues to retire subordinated debt and trust preferreds.

Lenders involved in the Fort Worth, Tex. oil and gas company's new credit facility include Bank One, JP Morgan Chase, Credit Lyonnais, Fleet National Bank, Fortis Capital, Bank of Scotland, Compass Bank and Natexis Banques.

Interest rates on the new revolver can range from Libor plus 150 to 225 basis points depending on how much of the loan is drawn, a company spokesman said.

"The new credit facility provides Range greater borrowing capacity and far more financial flexibility while slightly reducing interest expense," said John Pinkerton, Range's president, in a news release. "Just as importantly, the number of participating banks has been reduced and each member of the bank group is interested in fostering the future growth and profitability of the Company."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.