S&P gives Range Resources notes BB

Standard & Poor's said it assigned its BB issue rating and 3 recovery rating to Range Resources Corp.'s $300 million senior subordinated notes due 2019.

The ratings indicate that lenders can expect meaningful recovery in the event of default, the agency noted.

The exploration and production company will use the proceeds to repay borrowings under its $1.25 billion revolving facility, which had $807 million outstanding as of March 31, S&P said.

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