2 Oct 2025material agreement▲ Good
Range renewed its revolving credit facility once more, restoring lender commitments to $2.0 billion and extending the maturity to October 2030.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2022material agreement▲ Good
Range renewed its revolving credit facility again, this time trimming lender commitments to $1.5 billion (from $2.0 billion) as debt paydown reduced its borrowing needs, and extending the maturity to April 2027.
1 Feb 2022debt financing▲ GoodMajor
Range completed the refinancing, redeeming all of its 9.25% notes due 2026 with the new 4.750% notes.
14 Jan 2022material agreement▲ GoodMajor
Range priced $500 million of 4.750% senior notes due 2030 to redeem all of its 9.25% notes due 2026 -- roughly halving that slice of its borrowing cost as its credit profile recovered with stronger gas prices.
19 Feb 2021financial restatement▼ BadMajor
Range disclosed it would restate its first three 2020 quarters' financial statements for a deferred-tax accounting error tied to CARES Act tax law changes, and disclosed a related material weakness in its internal controls; the error had no effect on cash flows.
8 Jan 2021debt financing▲ Good
Range priced and completed $600 million of 8.25% senior notes due 2029 for general corporate purposes -- a lower coupon than its COVID-era 9.25% notes, an early sign of improving credit conditions as natural gas prices recovered.
1 Sept 2020debt financing● Neutral
Range completed the $300 million add-on to its 9.25% 2026 notes and the associated tender offers for its older notes.
19 Aug 2020material agreement● Neutral
Range tapped its 9.25% 2026 notes for another $300 million to fund a wider round of tender offers buying back legacy notes maturing 2021-2023.
1 Apr 2020material agreement▼ Bad
As the COVID-19 oil-price crash hit, Range amended its credit facility again: lenders reaffirmed the $3.0 billion borrowing base and raised commitments to $2.4 billion, but tightened terms with a 50-basis-point higher margin and twice-yearly (instead of annual) borrowing-base reviews.
24 Jan 2020debt financing▼ Bad
Range completed the $550 million 9.25% notes offering, using the proceeds to retire $500 million of its 5.75% and 5.875%/5.00% legacy notes at a much higher borrowing cost than before.
10 Jan 2020material agreement▼ BadMajor
Range priced $550 million of 9.25% senior notes due 2026 -- nearly double the coupon on its 2015 notes -- to fund tender offers retiring its 2021 and 2022 notes, reflecting a much tougher credit market.
10 July 2018material agreement● NeutralMajor
Range reached a second, tougher governance agreement with SailingStone Capital Partners (by then holding about 17% of Range's stock): two new independent directors, the board capped at nine members, and separation of the Chairman and CEO roles.
16 Apr 2018material agreement● Neutral
Range renewed its revolving credit facility with JPMorgan on largely unchanged terms -- $4.0 billion maximum, $3.0 billion borrowing base, $2.0 billion in lender commitments -- extending the maturity to April 2023.
19 Sept 2016asset acquisition disposition▲ GoodMajor
Range completed its merger with Memorial Resource Development on September 16, 2016, issuing 77,042,749 new shares to former MRD holders after 99%-plus shareholder approval; MRD's credit facility was terminated and MRD director Robert Innamorati joined Range's now ten-member board.
25 Aug 2016material agreement● Neutral
Range executed supplemental indentures stripping restrictive covenants from its 2021 and 2022 subordinated notes, implementing the noteholder consents obtained in its August tender/exchange offers.
17 Aug 2016business combination● Neutral
Range announced early tender results for its Memorial Resource Development-related note exchange and cash tender offers, another step toward closing the merger.
8 Aug 2016material agreement● NeutralMajor
Range settled with activist investor SailingStone Capital Partners via a Voting Support and Nomination Agreement: the two sides would jointly pick a new independent director with an oil-and-gas engineering background, Range would adopt a shareholder engagement policy, and add new performance criteria to its incentive-pay program.
3 Aug 2016business combination● Neutral
Ahead of closing the Memorial Resource Development merger, Range launched tender and exchange offers for MRD's 5.875% notes due 2022 and its own senior subordinated notes, consolidating the combined company's debt structure.
29 July 2016business combination● Neutral
Amendment No. 2 fixed 10 August 2016 as the record date for both meetings and set out the debt side of the deal: Memorial's 5.875% notes due 2022 and three series of Range senior subordinated notes are to be exchanged for new Range senior notes at the same maturities and rates, at a cost of about $9.3 million drawn on the revolver -- $3.4 million of deferred financing costs and $5.8 million charged straight to interest.
18 July 2016business combination● Neutral
A further update on the pending Memorial Resource Development merger as the amended S-4 continued through SEC review.
15 July 2016business combination▼ BadMajor
Amendment No. 1 added a litigation section -- a Memorial shareholder filed a class action against the company and its board over the merger on 11 July 2016 -- and a risk factor about what happens to the stock afterwards: MRD Holdco, three related private equity funds, holds about 36% of Memorial and intends to distribute roughly 26% of Memorial's shares to some 500 limited partners after the vote but before completion, with no lock-up on the Range shares they receive.
29 June 2016business combination● Neutral
As required by the merger agreement, Range's board formally voted to add MRD director Robert A. Innamorati to its own board, effective once the Memorial Resource Development merger closes, expanding the board to ten members.
13 June 2016business combination● NeutralMajor
Range filed the joint proxy statement/prospectus (Form S-4) registering the new Range shares to be issued in the pending Memorial Resource Development merger.
19 May 2016material agreement● Neutral
A technical correction to the Memorial Resource Development (MRD) merger's Voting and Support Agreement, fixing a date reference in the agreement signed by MRD insiders Jay Graham and Anthony Bahr's group -- no change in substance.
19 May 2016business combination▲ GoodMajor
Range agreed to acquire Memorial Resource Development Corp. in an all-stock merger (0.375 Range shares per MRD share), moving Range into MRD's Terryville/North Louisiana Cotton Valley and Haynesville gas play; MRD would get a seat on Range's board once the deal closes.
29 Feb 2016debt financing● Neutral
Range registered an exchange offer letting holders of its privately placed $750 million 4.875% notes due 2025 swap into publicly registered notes with identical terms -- a routine registration-rights step, not a corporate merger.
5 Jan 2016asset acquisition disposition● Neutral
Range closed the previously announced sale of its Virginia and West Virginia producing properties -- exiting the Appalachian-adjacent assets it had picked up only 18 months earlier in the 2014 EQT swap.
14 May 2015debt financing▲ GoodMajor
Range completed the $750 million 4.875% notes offering, using the proceeds to refinance away its 6.75% notes due 2020 at a lower rate and a longer maturity.
12 May 2015material agreement● NeutralMajor
Range priced $750 million of 4.875% senior notes due 2025, intending to use the proceeds to pay down its bank credit facility ahead of redeeming its more expensive 6.75% subordinated notes due 2020.
1 Apr 2015material agreement● Neutral
Range amended its credit agreement again amid the 2015 oil-price downturn, reaffirming its borrowing base and swapping a debt-to-EBITDAX covenant for an EBITDAX-to-interest-expense covenant.