Moody's rates Range Resources notes B1

Moody's Investors Service said it assigned a B1 rating to Range Resources Corp.’s planned $500 million of notes due 2030.

The B1 rating, one notch below the assigned Ba3 corporate family rating, reflects the notes’ structural subordination to the company's $2.4 billion senior secured revolving credit facility, Moody’s said.

The proceeds, cash on hand and borrowings under Range's revolver, are expected to be used to redeem all its senior notes due 2026, and therefore, the transaction will be largely net debt neutral. Range's other ratings remained unchanged, the agency said.

"Range's bond offering will extend its maturity profile, while eliminating high interest notes it placed in 2020," said Arvinder Saluja, a Moody's vice president, in a press release.

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