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Indebtedness | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Indebtedness | (5) INDEBTEDNESS We had the following debt outstanding as of the dates shown below (in thousands):
| March 31, 2025 |  |  | December 31, 2024 |
Bank debt | $ | — |  |  | $ | — |
Senior notes: |  |  |  |  |
4.875% senior notes due 2025 |  | 606,542 |  |  |  | 608,702 |
8.25% senior notes due 2029 |  | 600,000 |  |  |  | 600,000 |
4.75% senior notes due 2030 |  | 500,000 |  |  |  | 500,000 |
Total senior notes |  | 1,706,542 |  |  |  | 1,708,702 |
Unamortized debt issuance costs |  | (10,001 | ) |  |  | (10,819 | )
Total debt, net of deferred financing costs |  | 1,696,541 |  |  |  | 1,697,883 |
Less current maturities of long-term debt (a) |  | (606,434 | ) |  |  | (608,269 | )
Total long-term debt | $ | 1,090,107 |  |  | $ | 1,089,614 |
(a) As of March 31, 2025, current maturities include $606.5 million principal amount of our 4.875% senior notes due 2025 ($606.4 million net of deferred financing costs). We expect to repay the current maturities with a combination of cash on hand and borrowings under the credit facility. No interest was capitalized during the three months ended March 31, 2025 or the year ended December 31, 2024. We were in compliance with applicable covenants under the bank credit facility and its senior notes at March 31, 2025. 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 March 31, 2025, 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. A commitment fee is paid on the undrawn balance based on an annual rate of 0.375% to 0.50%. At March 31, 2025, 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 2025, our borrowing base was reaffirmed at $3.0 billion and our bank commitment was also reaffirmed at $1.5 billion. On March 31, 2025, we had no outstanding borrowings on our bank credit facility. We had $164.1 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 three months ended March 31, 2025, we repurchased in the open market $2.2 million principal a mount of our 4.875% senior notes due 2025 at a discount. We recognized a $3,000 gain on early extinguishment of debt for these transactions, net of remaining deferred financing costs on the repurchased debt. During the three months ended March 31, 2024, we repurchased in the open market $15.1 million principal amount of our 4.875% senior notes due 2025 at a discount. We recognized a gain on early extinguishment of debt of $64,000, 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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