Each one in plain English, with the numbers worked through for a shareholder.
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.
SailingStone Capital Partners LLC, SailingStone Holdings LLC, MacKenzie B. Davis, Kenneth L. Settles Jr reported a RANGE RESOURCES CORP shareholding of 28,755,291 shares (11.44% of votes) in a periodic institutional filing.
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.
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.
SailingStone Capital Partners LLC, SailingStone Holdings LLC, MacKenzie B. Davis, Kenneth L. Settles Jr disclosed a new substantial RANGE RESOURCES CORP shareholding (16.10% of votes).
RANGE RESOURCES CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
STELLIAM INVESTMENT MANAGEMENT, LP, STELLIAM GP LLC, ROSS MARGOLIES reported a RANGE RESOURCES CORP shareholding of 1,146,100 shares (0.50% of votes) in a periodic institutional filing.
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.