Range Resources converts 5.9% preferreds early

New York, Jan. 3 - Range Resources Corp. said it reached an agreement with the holders of its $50 million of 5.9% convertible preferred stock to exchange the securities for common stock.

The Fort Worth, Texas, oil and gas company issued 5.9 million shares of common stock in the exchange at the conversion price set in the terms of the preferreds.

In addition, Range paid $2.2 million in cash, representing the dividend payments through September 2005.

Range would otherwise not have been able to convert the preferreds until September 2005.

Following the exchange, Range Resources has no convertibles outstanding.

The company added that the holder of the preferreds used the stock issued to cover its short position in the stock.

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