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Range Resources Corp. announced that the Company's existing $3 billion Borrowing Base and $2 billion Commitment Amount under its $4 billion bank credit facility have been unanimously approved by its 29 lenders.
Under the terms of the credit agreement, Range is subject to an annual Borrowing Base redetermination with the next redetermination scheduled for May 1, 2017. The credit facility matures in October, 2019. The financial covenants were unchanged. The outstanding principal balance drawn under the credit facility at December 31, 2015 was $95 million.
Roger Manny, Range's Executive Vice President and CFO, commented on the Borrowing Base approval, "This reaffirmation under our annual Borrowing Base redetermination occurred during a period of markedly lower oil and gas prices following a significant asset sale. The unanimous approval reflects the economic strength and resilience of our high-quality asset base and low-cost structure."
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