The $3 billion borrowing base and the $2 million commitment amount under Range Resources Corp.’s (NYSE: RRC) $4 billion bank credit facility was approved by its 29 lenders, the company said March 17.
The financial covenants were unchanged. The outstanding principal balance drawn under the credit facility on Dec. 31, 2015 was $95 million.
The next redetermination is scheduled for May 1, 2017.
The credit facility matures in October 2019.
Roger Manny, executive vice president and CFO, said that the company has a high-quality asset base and a low-cost structure.
Range Resources Corp. is based in Fort Worth, Texas.
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