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JPMorgan Chase Bank Leads $4B Syndicated Revolver for Range Resources

April 17, 2018, 07:00 AM
Filed Under: Oil & Gas
Related: Oil & Gas

Range Resources Corporation announced that it has renewed and extended its revolving credit facility. The new five-year agreement with a syndicate of twenty-seven financial institutions with JPMorgan Chase Bank, N.A., as administrative agent. The facility 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.” 

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