FORT WORTH, Texas, April 16, 2018 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE:RRC) today announced that it has renewed and extended its revolving credit facility. The new five-year agreement with a syndicate of twenty-seven financial institutions has a maximum facility size of $4 billion and maintains a borrowing base of $3 billion with $2 billion in commitments. The agreement maintains existing borrowing costs and structure, including the option to release all collateral upon the receipt of a single investment grade rating. The maturity of the facility was extended to April 13, 2023.
Roger S. Manny, Range's Executive Vice President & CFO, commented, “The credit facility renewal and five-year extension was significantly over-subscribed, demonstrating the quality of Range’s assets and confidence in the Company’s creditworthiness. The credit facility provides committed long-term liquidity from a highly diversified group of experienced energy lenders. We believe the renewed and extended credit facility allows us to focus on further strengthening the balance sheet while supporting the development of our high-quality assets.”
RANGE RESOURCES CORPORATION (NYSE:RRC) is a leading U.S. independent natural gas, NGL and oil producer with operations focused in stacked-pay projects in the Appalachian Basin and North Louisiana. The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.
Range Investor Contacts:
Laith Sando, Vice President – Investor Relations
David Amend, Investor Relations Manager
Michael Freeman, Investor Relations Manager
Josh Stevens, Senior Financial Analyst
Range Media Contact:
Michael Mackin, Director of External Affairs
Range Resources Corporation