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Indebtedness
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Indebtedness

(5) INDEBTEDNESS

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

 

September 30,
2025

 

 

December 31,
2024

 

Bank debt

$

129,000

 

 

$

—

 

Senior notes:

 

 

 

 

 

4.875% senior notes due 2025

 

—

 

 

 

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

 

1,100,000

 

 

 

1,708,702

 

Unamortized debt issuance costs

 

(12,233

)

 

 

(10,819

)

Total debt, net of deferred financing costs

 

1,216,767

 

 

 

1,697,883

 

Less current maturities of long-term debt

 

—

 

 

 

(608,269

)

Total long-term debt

$

1,216,767

 

 

$

1,089,614

 

No interest was capitalized during the nine months ended September 30, 2025 or the year ended December 31, 2024. We were in compliance with applicable covenants under the bank credit facility and our senior notes at September 30, 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. That bank credit facility provided for a maximum facility amount of $4.0 billion and an initial borrowing base of $3.0 billion. That bank credit facility also provided for a borrowing base subject to re-determinations, including event-driven unscheduled re-determinations. As of September 30, 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 such 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 such 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. The weighted average interest rate was 6.4% for the three and nine months ended September 30, 2025. A commitment fee is paid on the undrawn balance based on an annual rate of 0.375% to 0.50%. At September 30, 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 September 30, 2025, bank commitments totaled $1.5 billion and we had $129.0 million outstanding on our bank credit facility. Additionally, on September 30, 2025 we had $165.2 million of undrawn letters of credit, leaving approximately $1.2 billion of committed borrowing capacity available under the facility.

On October 2, 2025, we entered into an amended and restated revolving bank credit facility, which continues to be secured by substantially all of our assets and has a maturity date of October 2, 2030. This amended credit facility maintained a maximum facility amount of $4.0 billion and an initial borrowing base of $3.0 billion, and increased bank commitments from $1.5 billion to $2.0 billion.

Senior Notes

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.

In early 2025, we repurchased in the open market $2.2 million principal amount of our 4.875% senior notes due 2025 at a discount. We recognized a gain on early extinguishment of debt of $3,000, net of the remaining deferred financing costs on the repurchased debt. In May 2025, we paid off the remaining principal balance of our 4.875% senior notes due 2025 at par by utilizing cash on hand and by borrowing on our bank credit facility. During the nine months ended September 30, 2024, we repurchased in the open market $70.2 million principal amount of our 4.875% senior notes due 2025 at a discount. We recognized a gain on early extinguishment of debt of $254,000, 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.