New Issue: Ranges Resources upsized $250 million 10-year notes yield 7½%

By Paul A. Harris

St. Louis, Sept. 25 - Range Resources Corp. priced an upsized $250 million issue of 10-year senior subordinated notes (Ba3/B+) at par to yield 7½% in a quick-to-market Tuesday transaction, according to an informed source.

There was no official price talk.

JPMorgan ran the books for the Securities and Exchange Commission-registered note issue, which was upsized from $200 million. RBC Capital Markets was the co-manager.

The Fort Worth, Texas-based independent oil and gas company will use the proceeds to pay down its credit facility.

Issuer:	Range Resources Corp. (Range Resources - Appalachia, LLC, Pine Mountain Acquisition, Inc.; Range Resources - Pine Mountain, Inc.; PMOG Holdings, Inc.; Range Energy I, Inc.; Range HoldCo, Inc.; Range Operating Texas, LLC; Range Production Co.; Range Texas Production, LLC; Range Operating New Mexico, Inc.; REVC HoldCo, LLC; Stroud Energy GP, LLC; Stroud Energy, LP LLC; Stroud Energy, Ltd.; Stroud Energy Management GP, LLC; and Stroud Oil Properties, LP)
Amount:	$250 million, increased from $200 million
Maturity:	Oct. 1, 2017
Security description:	Senior subordinated notes
Bookrunner:	JPMorgan
Co-manager:	RBC Capital Markets
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	289 bps
Call features:	Make-whole at Treasuries plus 50 bps until Oct. 1, 2012, then at 103.75, 102.50, 101.25, par on and after Oct. 1, 2015
Equity clawback:	35% at 107.50
Change-of-control put:	101.0
Trade date:	Sept. 25
Settlement date:	Sept. 28
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Distribution:	SEC Registered
Price talk:	None

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