Range Resources to redeem remaining 5¾% convertibles

New York, Nov. 20 - Range Resources Corp. said it will redeem the remaining $11,250 of its 5¾% convertible trust preferred securities on Dec. 22.

The Fort Worth, Texas, oil and gas company said it has already repurchased $1.4 million of the securities in the fourth quarter for $1.1 million in cash.

During the first nine months of the year, Range Resources bought back $83.4 million of the convertibles trust preferreds for $13.2 million in cash and $50 million of new convertible preferred stock.

At the beginning of the year, the company had $84.8 million of the convertibles outstanding.

"The retirement of the trust preferred continues to simplify our capital structure. We will end 2003 with a far stronger balance sheet, enhancing our ability to profitably grow through the drill bit while pursuing complementary acquisitions," said John H. Pinkerton, Range Resources' president, in a news release.

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