Range Resources increases credit facility to $1 billion

By Sara Rosenberg

New York, April 1 - Range Resources Corp. increased the committed borrowing base amount under its credit facility to $1 billion from $900 million, according to a news release.

The $100 million increase was oversubscribed by the existing bank group and two new banks were added to the facility. The bank group now consists of 24 financial institutions with no institution holding more than 5.5% of the commitment.

"We are delighted that our bank group overwhelmingly supported our increased commitment, enabling us to further increase our already significant liquidity position in what has become a challenging credit market," said Roger Manny, senior vice president and chief financial officer, in the release.

Range Resources is a Fort Worth, Texas-based oil and gas company.

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