Range Resources driving by with $500 million eight-year notes; initial talk mid-to-high 8% area

By Paul A. Harris

Portland, Ore., Jan. 5 – Range Resources Corp. plans to price a $500 million offering of eight-year senior notes in a Tuesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial guidance has the Rule 144A and Regulation S with registration rights notes coming to yield in the mid-to-high 8% area, a trader said.

BofA Securities Inc. is the left active bookrunner. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA Inc., Wells Fargo Securities LLC, Barclays, Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC are the joint active bookrunners.

PNC Capital Markets LLC, Credit Agricole CIB and MUFG are the senior co-managers. Capital One Securities Inc., BOSC, Comerica Securities Inc., KeyBanc Capital Markets Inc., Truist Securities Inc. and U.S. Bancorp Investments Inc. are the co-managers.

The notes become callable after three years at par plus 50% of the coupon.

The Fort Worth-based independent natural gas and natural gas liquids company plans to use the proceeds for general corporate purposes, including repayment of its credit facility.

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