Range Resources increases credit facility size and pricing

By Sara Rosenberg

New York, Jan. 28 - Range Resources Corp. upsized its credit facility to $1.25 billion from $1 billion using the accordion feature contained in the deal, and increased pricing, according to a news release.

Initially, the company requested an additional $200 million in commitments, but the bank group, which now includes two new banks, oversubscribed the request, so the company opted to accept $250 million.

Pricing on the facility is now set at Libor plus 175 basis points, 75 bps higher than previous pricing.

In connection with these changes, the company elected to maintain the borrowing base under the facility at $1.5 billion.

At year-end 2008, there was $693 million of bank debt outstanding under the facility. During the fourth quarter of 2008, borrowings rose by $143 million, primarily related to the acquisition of additional acreage in the Marcellus Shale play.

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

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