Range Resources
A texas-based petroleum and natural gas exploration and production company.
Key facts
| Legal Name | Range Resources Corporation |
|---|---|
| Company Operating Status | Active |
| Full Address | 100 Throckmorton Street Suite 1200 Fort Worth, TX 76102 United States |
| Legal Entity Identifier | H3Y3WLYCX0BTO1TRW162 |
| Stock Symbol | RRC |
| Ticker Symbol | RRC |
| Wikidata ID | Q4048013 |
Capital structure
$3.0bn total debt
| Instrument | Coupon | Maturity | Amount | Source |
|---|---|---|---|---|
| Initial Borrowing Base | — | — | USD 3.0bn | source ↗ |
Covenant analysis
| Covenant | Term | vs market | Source |
|---|---|---|---|
| ERISA Material Adverse Effect Notification · Affirmative Covenant | Prompt written notice if ERISA Event(s) could result in aggregate liability exceeding $50,000,000 | market $50m vs affirmative covenant median $37.5m (n=12) | source ↗ |
| Permitted Pari Term Loan Debt Available Commitment Test · Incurrence | Available Commitment must be at least 20% of Loan Limit at time of and immediately after incurrence | market 20% vs incurrence median 35% (n=6) | source ↗ |
| Current Ratio · Financial Maintenance | Minimum 1.00x (Consolidated Current Assets to Consolidated Current Liabilities) | source ↗ | |
| Judgment Default Threshold · Event of Default | Monetary judgments of $125,000,000 or more in aggregate not satisfied, vacated, discharged or stayed within 60 days | market $125m vs event of default median $125m (n=62) | source ↗ |
| Permitted Pari Term Loan Debt Size Cap · Incurrence | Lesser of: (A) Borrowing Base minus Total Commitment, (B) Total Commitment, (C) 33-1/3% of (Total Commitments plus outstanding Permitted Pari Term Loan Debt) | tight 3% vs incurrence median 35% (n=6) | source ↗ |
| Permitted Pari Term Loan Debt Leverage Test · Incurrence | Consolidated Funded Debt to Consolidated EBITDAX Ratio not to exceed 2.00x after giving pro forma effect to incurrence | tight 2x vs leverage median 4x (n=99) | source ↗ |
| Commodity Hedging Limit – Market Sensitive · Negative Covenant | Aggregate notional volume not to exceed 90% of Projected Volume for each of natural gas, NGLs and crude oil for each month in forthcoming five year period | loose 90% vs negative covenant median 20% (n=79) | source ↗ |
| Voluntary Prepayment of Senior Notes / Permitted Pari Term Loan Debt · Negative Covenant | Permitted if: (A) with Permitted Refinancing Indebtedness proceeds, (B) converted to equity, or (C) no Event of Default and Available Commitment ≥ 20% of Loan Limit (pro forma) | market 20% vs negative covenant median 20% (n=79) | source ↗ |
| Commodity Hedging Limit – Long-Dated (>60 months) · Negative Covenant | Aggregate daily notional volume for hedges with term greater than 60 months not to exceed 20% of average consolidated daily production for most recent four fiscal quarter period | market 20% vs negative covenant median 20% (n=79) | source ↗ |
| Limitation on Additional Liens (basket) · Negative Covenant | Additional liens on non-Borrowing Base Properties: greater of $150,000,000 and 1.50% of Consolidated Total Assets | tight 1.5% vs basket median 20% (n=122) | source ↗ |
| Investments – General Basket · Negative Covenant | Greater of $125,000,000 and 1.25% of Consolidated Total Assets (plus reinvestment amounts), or unlimited if Liquidity ≥ 10% of Loan Limit and no Event of Default | tight 1.25% vs basket median 20% (n=122) | source ↗ |
| Limitation on Indebtedness – Other Additional Indebtedness · Negative Covenant | Maximum greater of $500,000,000 and 4.5% of Consolidated Total Assets | tight 4.5% vs negative covenant median 20% (n=79) | source ↗ |
Contact details
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