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Range Resources driving by with $200 million tap of 9¼% notes due 2026; initial talk 99 to par
By Paul A. Harris
Portland, Ore., Aug. 18 – Range Resources Corp. plans to price a $200 million fungible add-on to its 9¼% senior notes due 2026 (B3/B+) in a Tuesday drive-by, according to market sources.
Initial price talk is 99 to par.
J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S deal.
The original notes, which were priced in a $550 million issue in January 2020, came with two years of call protection.
The Fort Worth-based independent natural gas, natural gas liquids and oil company plans to use the proceeds, along with borrowings from its credit facility if necessary, to fund tender offers for up to $400 million of its 5¾% senior notes due 2021, 5¾% senior subordinated notes due 2021, 5 7/8% senior notes due 2022, 5% senior notes due 2022, 5% senior subordinated notes due 2022 and 5% senior notes due 2023, with remaining proceeds to repay bank debt.
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