Published on 1/9/2020 in the Prospect News High Yield Daily.
New Issue: Range Resources prices upsized $550 million notes at par to yield 9¼%
By Paul A. Harris
Portland, Ore., Jan. 9 – Range Resources Corp. priced an upsized $550 million issue of six-year senior notes (B1) at par to yield 9¼% on Thursday, according to market sources.
The issue size increased from $500 million.
The yield printed at the wide end of the 9% to 9¼% yield talk. Initial talk had the notes coming to yield in the low 9% area.
BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., BMO Capital Markets Corp. and Mizuho Securities USA Inc. were the joint bookrunners.
The Fort Worth, Tex.-based independent natural gas, natural gas liquids and oil company plans to use the proceeds to tender for its 5¾% senior notes due 2021, its 5 7/8% senior notes due 2022 and its 5% senior notes due 2022, and to repay bank debt.
| Issuer: | Range Resources Corp.
|
| Amount: | $550 million, increased from $500 million
|
| Tenor: | Six years
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., BMO Capital Markets Corp., Mizuho Securities USA Inc.
|
| Co-managers: | Barclays, Credit Suisse Securities (USA) LLC, Natixis Securities Americas LLC, PNC Capital Markets LLC, ABN Amro Inc., BBVA Securities Inc., BOSC, Credit Agricole CIB, MUFG, RBC Capital Markets LLC, SG CIB, SunTrust Robinson Humphrey Inc., BB&T Capital Markets, Capital One Securities Inc., CIBC World Markets Corp., Comerica Securities Inc., Commonwealth Bank of Australia, KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc.
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Call protection: | Two years
|
| Trade date: | Jan. 9
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| Settlement date: | Jan. 24
|
| Rating: | Moody's: B1
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 9% to 9¼%
|
| Marketing: | Roadshow
|
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