Range Resources lowers bank debt by half in 2009 to $324 million

By Angela McDaniels

Tacoma, Wash., Feb. 23 - Range Resources Corp. reduced its bank debt by $369 million in 2009, according to its earnings report for the year.

The company had total bank debt of $324 million as of Dec. 31, compared with $693 million a year earlier.

In May 2009, the company said it planned to repay a portion of its outstanding credit facility borrowings using proceeds from a $300 million senior subordinated notes offering.

Long-term debt totaled $1.71 billion at the end of 2009.

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

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