NEWS RELEASE
RANGE PRICES
SENIOR SUBORDINATED NOTES
FORT WORTH, TEXAS, JULY 16,
2003 – RANGE RESOURCES CORPORATION (NYSE: RRC) today
announced that it has priced its previously announced private placement of $100
million of senior subordinated notes due 2013 to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”),
and other eligible purchasers pursuant to offers and sales that occur outside
the United States within the meaning of Regulation S under the Act. Interest on the senior subordinated notes
will accrue at a rate of 7-3/8% per annum and will be payable semi-annually in
arrears on January 15 and July 15 of each year commencing on
The net proceeds of the offering will
be used to redeem all of the Company’s outstanding 8.75% senior subordinated
notes due 2007 and to repay certain of the Company’s other indebtedness.
This announcement is neither an offer
to sell nor a solicitation of an offer to buy any of the senior subordinated
notes or any other security of the Company.
The senior subordinated notes have not been registered under the
Securities Act of 1933, as amended, or applicable state securities laws, and
were offered to qualified institutional buyers in reliance on the exemption
from registration provided by Rule 144A and
other eligible purchasers pursuant to offers and sales that occur outside the
United States within the meaning of Regulation S under the Act. Unless so registered, the senior subordinated
notes issued may not be offered or sold in the United States except pursuant to
an exemption from the registration requirements of the Securities Act of 1933,
as amended, and applicable state securities laws.
RANGE
RESOURCES CORPORATION (NYSE: RRC) is an independent oil and gas company operating in
the Permian, Midcontinent,
2003-15
Contact:
(817) 870-2601
www.rangeresources.com