Range Resources Corp. (NYSE: RRC) opened a public offering of about 4.6 million common shares, the company said June 11.
Underwriters were granted a monthlong option to purchase an additional 684,000 shares, the company said.
Net proceeds will fund the early redemption of 8% senior subordinated notes, and will also support general corporate purposes, Range added.
"A fundamental tenet of Range's strategy has been to maintain a strong, flexible and straightforward balance sheet. By redeeming these high-coupon bonds with common equity, we are further strengthening the balance sheet and materially reducing interest expense. This targeted funding supports our goal of 20% to 25% growth for many years, while accelerating the improvement in Range's already strong credit profile," CFO Roger S. Manny said.
BofA Merrill Lynch and J.P. Morgan are joint book-running managers, the company noted.
Fort Worth, Texas-based Range Resources Corp. operates domestically.
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