Range Resources talks $200 million 10-year notes at 7¼% area, pricing Thursday

By Paul A. Harris

St. Louis, May 17 - Range Resources Corp. talked its $200 million offering of 10-year senior subordinated notes (B2/B) at the 7¼% area on Wednesday, according to an informed source.

The offering is expected to price mid-morning on Thursday.

JP Morgan has the books for the offering of notes, which have been registered with the Securities and Exchange Commission. Credit Suisse is the joint lead manager. Banc of America Securities LLC, Harris Nesbitt, Wachovia Securities, Calyon Securities, Comerica Securities, Fortis Securities, Capital One Southcoast, KeyBanc Capital Markets, Scotia Capital and Natexis are co-managers.

The notes come with five years of call protection and a three-year 35% equity clawback.

Proceeds will be used to pay down the company's senior credit facility, which was $246.1 million as of March 31.

Range Resources is a Fort Worth, Texas-based independent oil and gas company operating in the Southwestern, Appalachian and Gulf Coast regions of the United States.

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