Published on 1/13/2022 in the Prospect News High Yield Daily.
New Issue: Range Resources prices $500 million 4¾% eight-year notes at par
By Paul A. Harris
Portland, Ore., Jan. 13 – Range Resources Corp. priced a $500 million issue of eight-year senior notes (B1/BB-) at par to yield 4¾% in a Thursday drive-by, according to market sources.
The yield printed at the tight end of the 4¾% to 4 7/8% yield talk. Initial guidance was in the low-5% area.
Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were BofA Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, Barclays, Citigroup Global Markets Inc., PNC Capital Markets LLC, Mizuho Securities USA LLC and MUFG.
The Fort Worth-based petroleum and natural gas exploration and production company plans to use the proceeds plus balance sheet cash and borrowings under its revolver to refinance its 9¼% senior notes due 2026 and for general corporate purposes.
| Issuer: | Range Resources Corp.
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | Feb. 15, 2030
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| Left bookrunner: | Wells Fargo Securities LLC
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| Joint bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, Barclays, Citigroup Global Markets Inc., PNC Capital Markets LLC, Mizuho Securities USA LLC and MUFG
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| Senior co-managers: | SMBC Nikko Securities America Inc. and Capital One Securities Inc.
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| Co-managers: | Zions Direct Inc., BOK Financial Securities Inc., Comerica Securities Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc. and UMB Financial Services Inc.
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| Coupon: | 4¾%
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| Price: | Par
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| Yield: | 4¾%
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| Spread: | 310 bps
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| Trade date: | Jan. 13
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| Settlement date: | Feb. 1
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| Ratings: | Moody’s: B1
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 4¾% to 4 7/8%
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| Marketing: | Drive-by
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