Range Resources tenders for $500 million of notes from three series

By Marisa Wong

Los Angeles, Jan. 8 – Range Resources Corp. said it has begun cash tender offers to purchase up to $500 million of its outstanding 5¾% senior notes due 2021, 5 7/8% senior notes due 2022 and 5% senior notes due 2022.

The offers expire at midnight ET at the end of Feb. 5.

The company is offering the following total considerations per $1,000 principal amount, with the notes listed in order of acceptance priority:

• $1,035.00 for the 5¾% notes due 2021 (Cusip: 75281AAW9), $374,139,000 principal amount of which is outstanding;

• $1,021.25 for the 5 7/8% notes due 2022 (Cusip: 75281AAU3), $297,617,000 principal amount of which is outstanding; and

• $1,012.50 for the 5% notes due 2022 (Cusip: 75281AAY5), $511,886,000 principal amount of which is outstanding.

The total considerations include an early tender premium of $50.00 per $1,000 of notes tendered by 5 p.m. ET on Jan. 22, the early tender date.

Holders tendering after the early tender date will only be eligible to receive the tender offer consideration, which is the total consideration less the early tender premium.

The company will also pay accrued interest to but excluding the applicable settlement date.

Payment for early tendered notes accepted for purchase will be made on the second business day following the early tender date, and payment for any notes tendered after the early deadline and accepted for purchase will be made on the second business day after the expiration date.

Notes accepted for payment, subject to the tender cap and proration, will be accepted according to their acceptance priority level; provided that notes tendered at or prior to the early tender date will be accepted for purchase with priority over notes tendered after the early tender date, even if those notes tendered after the early deadline have a higher acceptance priority level.

If the offers are fully subscribed as of the early tender date, holders tendering after the early deadline will not have any of their notes accepted for purchase.

Tenders may be withdrawn at any time prior to 5 p.m. ET on Jan. 22.

The offers are not contingent on the tender of any minimum principal amount of notes but are subject to completion of a debt financing.

Range said it reserves the right to extend the early tender date, withdrawal date or expiration date; increase the tender cap; waive or modify in whole or in part any or all conditions to the offers; delay the acceptance for purchase of any notes or delay the purchase of any notes; or otherwise modify or terminate one or more of the tender offers.

The dealer manager for the tender offers is BofA Securities (888 292-0070 or 980 388-3646). The information agent and tender agent is D.F. King & Co., Inc. (866 342-4882, 212 269-5550 or rrc@dfking.com).

© 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.