Range Resources Corp. (NYSE: RRC) has amended and restated its revolving credit facility. The new five-year agreement with a syndicate of 29 financial institutions has a maximum facility size of $4 billion, with an initial borrowing base of $3 billion and $2 billion in commitments. This represents an increase in the borrowing base of $1 billion and increased commitments of $250 million. The agreement also reduces drawn borrowing costs by 25 basis points and grants Range the option to release all collateral upon the receipt of a single investment grade rating. The maturity of this facility was extended to October 16, 2019.
Range Resources is based in Fort Worth, Texas.
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