Indebtedness

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Indebtedness

(8) INDEBTEDNESS

We had the following debt outstanding as of the dates shown below (in thousands):

	June 30, 2024			December 31, 2023
Bank debt	$	—		$	—
Senior notes:
4.875% senior notes due 2025		621,136			688,388
8.25% senior notes due 2029		600,000			600,000
4.75% senior notes due 2030		500,000			500,000
Total senior notes		1,721,136			1,788,388
Unamortized debt issuance costs		(12,414	)		(14,159	)
Total debt, net of deferred financing costs		1,708,722			1,774,229
Less current maturities of long-term debt (a)		(620,067	)		—
Total long-term debt	$	1,088,655		$	1,774,229

(a) As of June 30, 2024, current maturities include $621.1 million principal amount of our 4.875% senior notes due 2025 ($620.1 million net of deferred

financing costs).

No interest was capitalized during the six months ended June 30, 2024 or the year ended December 31, 2023.

Bank Debt

In April 2022, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets and has a maturity date of April 14, 2027. The bank credit facility provides for a maximum facility amount of $4.0 billion and an initial borrowing base of $3.0 billion. The bank credit facility also provides for a borrowing base subject to re-determinations, including event-driven unscheduled re-determinations. As of June 30, 2024, our bank group was composed of seventeen financial institutions. The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group. The commitment amount may be increased to the borrowing base, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase. Borrowings under the bank credit facility can either be at the alternate base rate (ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.75% to 1.75% or at the secured overnight financing rate (SOFR, as defined in the bank credit facility agreement) plus a spread ranging from 1.75% to 2.75%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our SOFR loans to base rate loans or to convert all or any part of the base rate loans to SOFR loans. We had no outstanding balance on our bank credit facility during first six months 2024. The weighted average interest rate was 8.4% for first six months 2023. A commitment fee is paid on the undrawn balance based on an annual rate of 0.375% to 0.50%. At June 30, 2024, the commitment fee was 0.375% and the interest rate margin was 0.75% on our ABR loans and 1.75% on our SOFR loans.

As part of our re-determination completed in March 2024, our borrowing base was reaffirmed at $3.0 billion and our bank commitment was also reaffirmed at $1.5 billion. On June 30, 2024, we had no outstanding borrowings on our bank credit facility. We had $169.2 million of undrawn letters of credit, leaving $1.3 billion of committed borrowing capacity available under the facility.

Senior Note Redemptions

If we experience a change of control, noteholders may require us to repurchase all or a portion of our senior notes at 101% of the aggregate principal amount plus accrued and unpaid interest, if any. We currently intend to retire our outstanding long-term debt as it matures, is callable or when market conditions are favorable to repurchase through privately negotiated transactions, open market repurchases, redemptions or otherwise.

During the six months ended June 30, 2024, we repurchased in the open market $66.5 million principal amount of our 4.875% senior notes due 2025 at a discount. We also repurchased in the open market an additional $800,000 principal amount of our 4.875% senior notes that was traded in June but not settled until July 2024 and is included in accounts payable in the consolidated balance sheets.

We recognized a gain on early extinguishment of debt for these transactions of $243,000, net of remaining deferred financing costs on the repurchased debt. During the six months ended June 30, 2023, we repurchased in the open market $61.6 million principal amount of our 4.875% senior notes due 2025 at a discount. We recognized a gain on early extinguishment of debt of $439,000, net of the remaining deferred financing costs on the repurchased debt.

Guarantees

Range is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries, which are directly or indirectly owned by Range, of our senior notes and our bank credit facility are full and unconditional and joint and several, subject to certain customary release provisions. The assets, liabilities and results of operations of Range and our guarantor subsidiaries are not materially different than our consolidated financial statements. A subsidiary guarantor may be released from its obligations under the guarantee:

•in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or

•if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture.

Debt Covenants

Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate or make certain investments. We are required to maintain a maximum consolidated debt to EBITDAX ratio (as defined in the bank credit facility agreement) of 3.75x and a minimum current ratio (as defined in the bank credit facility agreement) of 1.0x. We were in compliance with applicable covenants under the bank credit facility at June 30, 2024.