Range Resources amends loan to extend maturity, lower rate, up borrowing base

By Sara Rosenberg

New York, April 18 - Range Resources Corp. amended its credit facility, pushing out the maturity by one year to Jan. 1, 2009, reducing the interest rate and increasing the borrowing base by $25 million to $600 million, according to a company news release.

With these changes, the Fort Worth, Texas-based oil and gas company now has $330 million of available liquidity under its credit facility.

"Over the last several years, we have worked diligently to strengthen our balance sheet as well as to simplify our capital structure. Since then we have eliminated all convertible securities, substantially increased our liquidity, reduced debt as a percentage of total capitalization and have better matched our debt maturities with our long reserve life by extending the term of our bank credit facility and the recent placement of 10-year subordinated notes," said John H. Pinkerton, president, in the release.

"With increasing cash flow and a stronger balance sheet, Range is well positioned to continue to profitably grow production and reserves."

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