FORT WORTH, Texas--(BUSINESS WIRE)--RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that it has closed on a new $2.0 billion, five-year revolving credit facility. The new facility is $500 million larger than the facility it replaces and was approved without the benefit of the Barnett Shale properties. Lender commitments under the new facility total $1.5 billion, a $250 million increase over the previous facility. A divestiture of the Barnett Shale properties will not reduce the facility size or the lender commitments and will require no further lender approvals.
All banks participating in Range’s previous credit facility continue to be lenders in the new facility, along with one new institution. The bank syndicate is a diversified group consisting of 27 financial institutions, 13 domestic and 14 foreign, with each institution holding less than 7% of total commitments. Range currently has $474 million outstanding under the facility, leaving over $1 billion in available liquidity.
Commenting, Roger S. Manny, Range's Executive Vice President and CFO, said, "This new credit facility clearly demonstrates the strength of the Company, the quality of its reserve base and its low cost structure. Even without the borrowing capacity of the Barnett Shale properties, we have increased the facility size, improved its terms, and extended the maturity to 2016. Range considers its bank credit facility to be a vital component of its capital structure, and we are pleased to have the continued support of our bank group. With this renewal, Range has no debt maturing prior to 2015 and is in an excellent position to continue to execute our business plan."
RANGE RESOURCES CORPORATION is an independent gas and oil company operating in the Southwestern and Appalachian regions of the United States.
Except for historical information, statements made in this release, including those relating to expected growth, anticipated financial results and future liquidity needs are forward-looking statements. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, the Company’s future performance is subject to a wide range of business risks. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including the volatility of oil and gas prices, the costs and results of drilling and operations, the timing of production, mechanical and other inherent risks associated with oil and gas production, weather, the availability of equipment, changes in financial markets, litigation and environmental risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in the Company’s filings with the Securities and Exchange Commission, which are incorporated by reference.