Range Resources buys back $7 million notes, convertibles

New York, Nov. 13 - Range Resources Corp. said it bought back $3.7 million of its 8¾% senior subordinated notes due 2007, $800,000 of its 6% convertible subordinated debentures due 2007 and $2.5 million of its 5¾% convertible trust preferred securities due 2027 for cash.

The Fort Worth oil and gas company said most of the 8¾% notes repurchased were acquired at a discount, all the convertible trust preferreds and it recorded a gain of $87,000 on the convertible debentures.

Including the latest buybacks, for the nine months ended Sept. 30, Range Resources bought back $8.7 million face amount of the 8¾% notes, $815,000 face amount of the convertible debentures and $2.5 million face amount of the 5¾% convertible trust preferreds, according to a filing with the Securities and Exchange Commission. It also exchanged 1.6 million shares of common stock for $7.1 million of the convertibles, $2.4 million of the trust preferreds and $875,000 of the 8¾% notes.

In total the company recorded a $2.0 million extraordinary gain net of taxes for the retirements.

At Oct. 31, Range Resources had $69.6 million of the 8¾% notes outstanding, $21.6 million of the convertibles and $84.8 million of the convertible trust preferreds.

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