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Range Resources Corp. has agreed to sell 4,560,000 shares of its common stock in an underwritten public offering.
The Company has granted the underwriters an option for 30 days to purchase up to an additional 684,000 shares of the Company's common stock.
The Company expects to use the net proceeds from this offering to fund the early redemption of its previously called 8% Senior Subordinated Notes and for general corporate purposes.
Commenting on the offering, Roger S. Manny, Range's CFO, said, "A fundamental tenet of Range's strategy has been to maintain a strong, flexible and straightforward balance sheet. By redeeming these high coupon bonds with common equity we are further strengthening the balance sheet and materially reducing interest expense. This targeted funding supports our goal of 20 to 25% growth for many years, while accelerating the improvement in Range's already strong credit profile."
BofA Merrill Lynch and J.P. Morgan will act as joint book-running managers for the common stock offering and propose to offer the shares at prevailing market prices or otherwise from time to time through the NYSE, the over-the-counter market, negotiated transactions or otherwise.