Issuer: | Range Resources Corporation | |||||||
Guarantors: | Range Resources Appalachia, LLC, Pine Mountain Acquisition, Inc., Range Resources -Pine Mountain, Inc., PMOG Holdings, Inc., Range Energy I, Inc., Range HoldCo, Inc., Range Operating Texas, L.L.C., Range Production Company, Range Texas Production, L.L.C., Range Operating New Mexico, Inc., REVC HoldCo, LLC, Stroud Energy GP, LLC, Stroud Energy, LP, LLC, Stroud Energy, Ltd., Stroud Energy Management GP, LLC and Stroud Oil Properties, LP | |||||||
Security Description: | Senior Subordinated Notes | |||||||
Distribution: | SEC Registered | |||||||
Face: | $250,000,000 | |||||||
Gross Proceeds: | $250,000,000 | |||||||
Coupon: | 7.5% | |||||||
Maturity: | October 1, 2017 | |||||||
Offering Price: | 100.000% | |||||||
Yield to Maturity: | 7.5% | |||||||
Spread to Treasury: | +289bps | |||||||
Benchmark: | UST 4.75% due 8/15/2017 | |||||||
Ratings: | Ba3/B+ | |||||||
Interest Pay Dates: | October 1 and April 1 | |||||||
Beginning: | April 1, 2008 | |||||||
Clawback: | Up to 35% at 107.5% | |||||||
Until: | October 1, 2010 | |||||||
Optional redemption: | Makewhole call @ T+50bps prior to October 1, 2012, then: | |||||||
On or after: | Price: | |||||||
October 1, 2012 | 103.750 | % | ||||||
October 1, 2013 | 102.500 | % | ||||||
October 1, 2014 | 101.250 | % | ||||||
October 1, 2015 and thereafter | 100.000 | % | ||||||
Change of control: | Put @ 101% of principal plus accrued interest | |||||||
Use of proceeds: | We estimate that the net proceeds from this offering (after deducting discounts to the underwriters and estimated expenses of the offering) will be approximately $247 million. We intend to use the net proceeds from this offering to pay down a portion of the outstanding balance on our senior credit facility. | |||||||
Trade Date: | September 25, 2007 | |||||||
Settlement Date: | (T+3) | September 28, 2007 | ||||||
CUSIP: | 75281AAH2 | |||||||
ISIN: | US75281AAH23 | |||||||
Sole Bookrunner: | JPMorgan | |||||||
Co-Manager: | RBC Capital Markets |