Range Resources gets bank OK to increase credit facility $75 million, sell $75 million notes

By Ted A. Knutson

Washington, Dec. 10 - Range Resources Corp. said it received approvals from its bank lenders Dec. 6 to increase the borrowing base for its credit facility to $575 million from $500 million and to sell an additional $75 million in senior subordinated notes.

The $150 million expansion in borrowings was sought by the Fort Worth, Texas-based oil and gas extractor to help finance its acquisition of PMOG Holdings, Inc., a holder of Appalachian Basin coal bed methane and tight gas properties.

JP Morgan Chase is the administrative agent.

Range Resources made the announcement in an 8-K filing with the Securities and Exchange Commission. The change was effective Dec. 6.

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