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Range Resources launches cash tender offer for $500M of senior notes

Range Resources Corp. launched a cash tender offer to purchase up to $500 million of its outstanding senior notes due 2021 and 2022.

Range is offering to pay a tender offer consideration of $985, $971.25 and $962.50 for every $1,000 of 5.750% senior notes due 2021, 5.875% senior notes due 2022, and 5.000% senior notes due 2022, respectively, according to a Jan. 8 news release. Noteholders who tender notes by 5:00 p.m. ET on Jan. 22 are eligible to receive an early tender premium of $50 per $1,000 of notes tendered.

The tender offers are slated to expire on Feb. 5, unless extended by Range. The settlement date for notes validly tendered on or before the early tender date is expected to be on the second business day after Jan. 22, while the settlement date for notes validly tendered after the early tender date is expected to be the second business day after Feb. 5.

Concurrently, the corporation said it plans to offer $500 million of senior notes due 2026 in a private placement, according to a separate news release on the same day. Proceeds from the 2026 senior note offering will be used for the purchase of the 2021 and 2022 notes in the cash tender offer.

BofA Securities is acting as the dealer manager for the tender offer.