RANGE RESOURCES CORPORATION 7.25% Senior Subordinated Notes due 2018 Underwriting Agreement
Exhibit 1.1
$250,000,000
RANGE RESOURCES CORPORATION
7.25% Senior Subordinated Notes due 2018
May 1, 2008
X.X. Xxxxxx Securities Inc.
Banc of America Securities LLC
Banc of America Securities LLC
As Representatives of the
several Underwriters listed
in Schedule 1 hereto
several Underwriters listed
in Schedule 1 hereto
c/o X.X. Xxxxxx Securities Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
Range Resources Corporation, a Delaware corporation (the “Company”), proposes to issue and
sell to the several Underwriters listed in Schedule 1 hereto (the “Underwriters”), for whom you are
acting as representatives (the “Representatives”), $250,000,000 principal amount of its 7.25%
Senior Subordinated Notes due 2018 (the “Securities”). The Securities will be issued pursuant to
the First Supplemental Indenture dated as of May 6, 2008 (the “Indenture”) between the Company and
The Bank of New York Trust Company, N.A., as trustee (the “Trustee”).
The Company hereby confirms its agreement with the several Underwriters concerning the
purchase and sale of the Securities, as follows:
under the Securities Act on April 28, 2008, and the prospectus included in the Registration
Statement at the time of its effectiveness that omits Rule 430 Information, and the term
“Prospectus” means the prospectus in the form first used (or made available upon request of
purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales
of the Securities. If the Company has filed an abbreviated registration statement pursuant to Rule
462(b) under the Securities Act (the “Rule 462 Registration Statement”), then any reference herein
to the term “Registration Statement” shall be deemed to include such Rule 462 Registration
Statement. Any reference in this Agreement to the Registration Statement, any Preliminary
Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by
reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of the effective
date of the Registration Statement or the date of such Preliminary Prospectus or the Prospectus, as
the case may be and any reference to “amend”, “amendment” or “supplement” with respect to the
Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to
and include any documents filed after such date under the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission thereunder (collectively, the “Exchange
Act”) that are deemed to be incorporated by reference therein. Capitalized terms used but not
defined herein shall have the meanings given to such terms in the Registration Statement and the
Prospectus.
At or prior to the time when sales of the Securities were first made (the “Time of Sale”), the
Company had prepared the following information (collectively the “Time of Sale Information”): a
Preliminary Prospectus dated April 28, 2008, and each “free-writing prospectus” (as defined
pursuant to Rule 405 under the Securities Act) listed on Annex C hereto.
(b) The Company understands that the Underwriters intend to make a public offering of the
Securities as soon after the effectiveness of this Agreement as in the judgment of the
Representatives is advisable, and initially to offer the Securities on the terms set forth in the
Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell
Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and
sell Securities purchased by it to or through any Underwriter.
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(c) Payment for and delivery of the Securities will be made at the offices of Xxxxx Xxxx &
Xxxxxxxx, 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 at 10:00 A.M., New York City time, on May
6, 2008, or at such other time or place on the same or such other date, not later than the fifth
business day thereafter, as the Representatives and the Company may agree upon in writing. The
time and date of such payment and delivery is referred to herein as the “Closing Date”.
(d) Payment for the Securities shall be made by wire transfer in immediately available funds
to the account(s) specified by the Company to the Representatives against delivery to the nominee
of The Depository Trust Company, for the account of the Underwriters, of one or more global notes
representing the Securities (collectively, the “Global Note”), with any transfer taxes payable in
connection with the sale of the Securities duly paid by the Company. The Global Note will be made
available for inspection by the Representatives not later than 1:00 P.M., New York City time, on
the business day prior to the Closing Date.
(e) The Company acknowledges and agrees that the Underwriters are acting solely in the
capacity of an arm’s length contractual counterparty to the Company with respect to the offering of
Securities contemplated hereby (including in connection with determining the terms of the offering)
and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, neither of the Representatives nor any other Underwriter is advising the Company or
any other person as to any legal, tax, investment, accounting or regulatory matters in any
jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be
responsible for making its own independent investigation and appraisal of the transactions
contemplated hereby, and the Underwriters shall have no responsibility or liability to the Company
with respect thereto. Any review by the Underwriters of the Company, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of
the Underwriters and shall not be on behalf of the Company.
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as of the applicable effective date of the Registration Statement and any amendment thereto, the
Registration Statement complied and will comply in all material respects with the Securities Act
and the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission
thereunder (collectively, the “Trust Indenture Act”), and did not and will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading; and as of the date of the
Prospectus and any amendment or supplement thereto and as of the Closing Date, the Prospectus will
not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that the Company makes
no representation and warranty with respect to (i) that part of the Registration Statement that
constitutes the Statement of Eligibility and Qualification (Form T-1) of the Trustee under the
Trust Indenture Act or (ii) any statements or omissions made in reliance upon and in conformity
with information relating to any Underwriter furnished to the Company in writing by such
Underwriter through the Representatives expressly for use in the Registration Statement and the
Prospectus and any amendment or supplement thereto.
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required to be stated therein. The other financial and accounting data, including the unaudited
financial statements, included or incorporated by reference in the Registration Statement, the Time
of Sale Information and the Prospectus, have been derived from the accounting records of the
Company and its subsidiaries and present fairly the information shown therein, in all material
respects.
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in the Registration Statement, the Time of Sale Information and the
Prospectus; each Subsidiary is duly qualified to do business as a foreign corporation, limited
liability company or limited partnership and (in those jurisdictions in which good standing is a
relevant concept for such type of entity) is in good standing in each jurisdiction where the
ownership or leasing of its properties or the conduct of its business requires such qualification,
except where the failure to be so qualified and in good standing would not, individually or in the
aggregate, have a Material Adverse Effect; all of the outstanding shares of capital stock of each
of the Subsidiaries that is a corporation have been duly and validly authorized and issued, are
fully paid and non-assessable, the outstanding membership interest of Mountain Front Partners LLC,
has been issued in accordance with the organizational documents of Mountain Front Partners LLC, the
outstanding membership interest of Range Resources — Appalachia, LLC, has been issued in
accordance with the organizational documents of Range Resources — Appalachia, LLC, the outstanding
membership interest of REVC Holdco, LLC, has been issued in accordance with the organizational
documents of REVC Holdco, LLC, the outstanding membership interest of Range Texas Production,
L.L.C., has been issued in accordance with the organizational documents of Range Texas Production,
L.L.C., the outstanding membership interest of Range Operating Texas, L.L.C., has been issued in
accordance with the organizational documents of Range Operating Texas, L.L.C., the outstanding
membership interest of Xxxxxx Energy GP, LLC, has been issued in accordance with the organizational
documents of Xxxxxx Energy GP, LLC, the outstanding membership interest of Xxxxxx Energy LP, LLC,
has been issued in accordance with the organizational documents of Xxxxxx Energy LP, LLC, the
outstanding partnership interest of Xxxxxx Oil Properties, LP, has been issued in accordance with
the terms of the limited partnership agreement of Xxxxxx Oil Properties, LP, the outstanding
membership interest of Xxxxxx Energy Management GP, LLC, has been issued in accordance with the
organizational documents of Xxxxxx Energy Management GP, LLC, the outstanding partnership interest
of Xxxxxx Energy, Ltd., has been issued in accordance with the terms of the limited partnership
agreement of Xxxxxx Energy, Ltd. and, except as described in the Registration Statement, the Time
of Sale Information and the Prospectus, are owned, directly or indirectly, by the Company, subject
to no security interest, other encumbrance or adverse claims.
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Information and the Prospectus entitled “Capitalization”; assuming the accuracy of the
transaction expenses and the pricing terms for the offering of the Securities used in the section
of the Registration Statement, the Time of Sale Information and the Prospectus entitled
“Capitalization,” the Company would, as of March 31, 2008, have had an authorized and outstanding
capitalization as set forth under the column heading entitled “As further adjusted” in the section
of the Registration Statement, the Time of Sale Information and the Prospectus entitled
“Capitalization”; all of the issued and outstanding shares of capital stock of the Company have
been duly authorized and validly issued and are fully paid and non-assessable.
(n) Underwriting Agreement. This Agreement has been duly authorized, executed and delivered
by the Company.
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material
instrument to which the Company or any of its Subsidiaries is a party or by which any of them or
any of their properties may be bound or affected, or under any federal, state, local or foreign
law, regulation or rule or any decree, judgment or order applicable to the Company or any of its
Subsidiaries; and the execution, delivery and performance of the Transaction Documents and
consummation of the transactions contemplated hereby and thereby, including the issuance of the
Securities, will not conflict with, result in any breach or violation of or constitute a default
under (nor constitute any event which with notice, lapse of time or both would result in any breach
or violation of or constitute a default under), (x) the charter or bylaws of the Company or any of
the Subsidiaries or (y) any indenture, mortgage, deed of trust, bank loan or credit agreement or
other evidence of indebtedness, or any material license, material lease, material contract or other
material agreement or material instrument to which the Company or any of the Subsidiaries is a
party or by which any of them or any of their properties may be bound or affected, or under any
federal, state, local or foreign law, regulation or rule or any decree, judgment or order
applicable to the Company or any of the Subsidiaries, which conflicts, breaches, violations or
defaults listed in clause (y) of this subparagraph (p) would, individually or in the aggregate,
have a Material Adverse Effect.
(q) No Consents Required. No approval, authorization, consent or order of or filing with any
federal, state, local or foreign governmental or regulatory commission, board, body, authority or
agency, or of or with the rules of the New York Stock Exchange, or approval of the stockholders of
the Company, is required in connection with the issuance and sale by the Company of the Securities
or the consummation of the transactions as contemplated hereby and by the Transaction Documents
other than as may be required under the securities or blue sky laws of the various jurisdictions in
which the Securities are being offered by the Underwriters.
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10
the Company nor
any of its Subsidiaries is in violation of, or in default under, any such Consent which violation
or default would have a Material Adverse Effect.
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any material weaknesses in internal
controls have been identified for the Company’s auditors; and since the date of the most recent
evaluation of such disclosure controls and procedures, there have been no significant changes in
internal controls or in other factors that could significantly affect internal controls, including
any corrective actions with regard to significant deficiencies and material weaknesses.
(ff) Xxxxxxxx-Xxxxx Act. There is and has been no failure on the part of the Company and its
Subsidiaries or any of the officers and directors of the Company or any of its Subsidiaries, in
their capacities as such, to comply in all material respects with the provisions of the
Xxxxxxxx-Xxxxx Act of 2002 and the rules and regulations in
connection therewith, including without limitation Section 402 related to loans and Sections 302
and 906 related to certifications.
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(a) Required Filings. The Company will file the final Prospectus with the Commission within
the time periods specified by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act,
will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the
Securities Act; and will file promptly all reports and any definitive proxy or information
statements required to be filed by the Company with the Commission pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as
the delivery of a prospectus is required in connection with the offering or sale of the Securities;
and the Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to
the extent not previously delivered) to the Underwriters in New York City prior to 10:00 A.M., New
York City time, on the business day next succeeding the date of this Agreement in such quantities
as the Representatives may reasonably request. The Company will pay the registration fees for this
offering within the time period required by Rule 456(b)(i) under the Securities Act prior to the
Closing Date.
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preparing, using,
authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and before
filing any amendment or supplement to the Registration Statement or the Prospectus, whether before
or after the time that the Registration Statement becomes effective the Company will furnish to the
Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing
Prospectus, amendment or supplement for review and will not prepare, use, authorize, approve, refer
to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or
supplement to which the Representatives reasonably object.
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statements therein, in the light of the
circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii) it
is necessary to amend or supplement the Prospectus to comply with law, the Company will promptly
notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file
with the Commission and furnish to the Underwriters and to such dealers as the Representatives may
designate, such amendments or supplements to the Prospectus as may be necessary so that the
statements in the Prospectus as so amended or supplemented will not, in the light of the
circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that
the Prospectus will comply with law and (2) if at any time prior to the Closing Date (i) any event
shall occur or condition shall exist as a result of which the Time of Sale Information as then
amended or supplemented would include any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances,
not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to
comply with law, the Company will promptly notify the Underwriters thereof and forthwith prepare
and, subject to paragraph (c) above, file with the Commission (to the extent required) and furnish
to the Underwriters and to such dealers as the Representatives may designate, such amendments or
supplements to the Time of Sale Information as may be necessary so that the statements in the Time
of Sale Information as so amended or supplemented will not, in the light of the circumstances, be
misleading or so that the Time of Sale Information will comply with law.
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(a) It has not and will not use, authorize use of, refer to, or participate in the planning
for use of, any “free writing prospectus”, as defined in Rule 405 under the Securities Act (which
term includes use of any written information furnished to the Commission by the Company and not
incorporated by reference into the Registration Statement and any press release issued by the
Company) other than (i) a free writing prospectus that, solely as a result of use by such
Underwriter, would not trigger an obligation to file such free writing prospectus with the
Commission pursuant to Rule 433, (ii) any Issuer Free Writing Prospectus listed on Annex C or
prepared pursuant to Section 3(c) or Section 4(c) above, or (iii) any free writing prospectus
prepared by such Underwriter and approved by the Company in advance in writing (each such free
writing prospectus referred to in clauses (i) or (iii), an “Underwriter Free Writing Prospectus”).
Notwithstanding the foregoing, the Underwriters may use a term sheet substantially in the form of
Annex D hereto without the consent of the Company.
(b) It is not subject to any pending proceeding under Section 8A of the Securities Act with
respect to the offering (and will promptly notify the Company if any such proceeding against it is
initiated during the Prospectus Delivery Period).
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information shall have been complied with to the
reasonable satisfaction of the Representatives.
17
All opinions, letters, certificates and evidence mentioned above or elsewhere in this
Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form
and substance reasonably satisfactory to counsel for the Underwriters.
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Company in writing by such Underwriter
through the Representatives expressly for use therein.
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Inc. and any such separate firm for the
Company, its directors, its officers who signed the Registration Statement and any control persons
of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be
liable for any settlement of any proceeding effected without its written consent, but if settled
with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees
to indemnify each Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified
Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees
and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable
for any settlement of any proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii)
the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such
request prior to the date of such settlement. No Indemnifying Person shall, without the written
consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in
respect of which any Indemnified Person is or could have been a party and indemnification could
have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an
unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to
such Indemnified Person, from all liability on claims that are the subject matter of such
proceeding and (y) does not include any statement as to or any admission of fault, culpability or a
failure to act by or on behalf of any Indemnified Person.
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Underwriters and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
9. Termination. This Agreement may be terminated in the absolute discretion of the
Representatives, by notice to the Company, if after the execution and delivery of this Agreement
and prior to the Closing Date there shall have occurred (i) a suspension or material limitation in
trading in securities generally on the New York Stock Exchange, the American Stock Exchange or the
NASDAQ; (ii) a suspension or material limitation in trading in the Company’s securities on the New
York Stock Exchange; (iii) a general moratorium on commercial banking activities declared by either
federal or New York State authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States; (iv) an outbreak or escalation of
hostilities or acts of terrorism involving the United States or a declaration by the United States
of a national emergency or war; or (v) any other calamity or crisis or any change in financial,
political or economic conditions in the United States or elsewhere, if the effect of any such event
specified in clause (iv) or (v)
in the judgment of the Representatives makes it impracticable or inadvisable to proceed with the
offering, sale or delivery of the Securities on the terms and in the manner contemplated by this
Agreement, the Time of Sale Information and the Prospectus.
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(b) If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as
provided in paragraph (a) above, the aggregate principal amount of such Securities that remains
unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities,
then the Company shall have the right to require each non-defaulting Underwriter to purchase the
principal amount of Securities that such Underwriter agreed to purchase hereunder plus such
Underwriter’s pro rata share (based on the principal amount of Securities that such
Underwriter agreed to purchase hereunder) of the Securities of such defaulting Underwriter or
Underwriters for which such arrangements have not been made.
(c) If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as
provided in paragraph (a) above, the aggregate principal amount of such Securities that remains
unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the
Company shall not exercise the right described in paragraph (b) above, then this Agreement shall
terminate without liability on the part of the non-defaulting Underwriters. Any termination of
this Agreement pursuant to this Section 10 shall be without liability on the part of the Company,
except that the Company will continue to be liable for the payment of expenses as set forth in
Section 11 hereof and except that the provisions of Section 7 hereof shall not terminate and shall
remain in effect.
(d) Nothing contained herein shall relieve a defaulting Underwriter of any liability it may
have to the Company or any non-defaulting Underwriter for damages caused by its default.
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(b) If (i) this Agreement is terminated pursuant to Section 9 (other than pursuant to clause
(v) of Section 9 if the Company and the Underwriters subsequently enter into another agreement for
the Underwriters to underwrite the same or substantially similar securities of the Company), (ii)
the Company for any reason fails to tender the Securities for delivery to the Underwriters or (iii)
the Underwriters decline to purchase the Securities for any reason permitted under this Agreement,
the Company agrees to reimburse the Underwriters for all out-of-pocket costs and expenses
(including the reasonable fees and expenses of their counsel) reasonably incurred by the
Underwriters in connection with this Agreement and the offering contemplated hereby.
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termination of this Agreement or any
investigation made by or on behalf of the Company or the Underwriters.
14. Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise
expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities
Act; (b) the term “business day” means any day other than a day on which banks are permitted or
required to be closed in New York City; and (c) the term “subsidiary” has the meaning set forth in
Rule 405 under the Securities Act.
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If the foregoing is in accordance with your understanding, please indicate your acceptance of
this Agreement by signing in the space provided below.
Very truly yours, RANGE RESOURCES CORPORATION |
||||
By | /s/ Xxxxx X. Xxxxx | |||
Name: | Xxxxx X. Manny | |||
Title: | Senior Vice President and Chief Financial Officer | |||
Accepted: May 1, 2008
X.X. XXXXXX SECURITIES INC.
For itself and on behalf of the
several Underwriters listed
in Schedule 1 hereto.
several Underwriters listed
in Schedule 1 hereto.
By
|
/s/ Xxxxxxxx Xxxxxx
|
|||
Authorized Signatory |
Schedule 1
Underwriter | Principal Amount | |||
X.X. Xxxxxx Securities Inc. |
$ | 92,500,000 | ||
Banc of America Securities LLC |
$ | 46,250,000 | ||
BMO Capital Markets Corp. |
$ | 12,500,000 | ||
Citigroup Global Markets Corp. |
$ | 12,500,000 | ||
Credit Suisse Securities (USA) LLC |
$ | 12,500,000 | ||
Deutsche Bank Securities Inc. |
$ | 12,500,000 | ||
Wachovia Capital Markets, LLC |
$ | 12,500,000 | ||
Barclays Capital Inc. |
$ | 6,250,000 | ||
Calyon Securities (USA) Inc. |
$ | 6,250,000 | ||
Fortis Securities LLC |
$ | 6,250,000 | ||
KeyBanc Capital Markets Inc. |
$ | 6,250,000 | ||
SG Americas Securities, LLC |
$ | 6,250,000 | ||
BBVA Securities Inc. |
$ | 2,500,000 | ||
Capital One Southcoast, Inc. |
$ | 2,500,000 | ||
Comerica Securities, Inc. |
$ | 2,500,000 | ||
Natixis Bleichroeder Inc. |
$ | 2,500,000 | ||
RBC Capital Markets Corporation |
$ | 2,500,000 | ||
Scotia Capital (USA) Inc. |
$ | 2,500,000 | ||
SunTrust Xxxxxxxx Xxxxxxxx, Inc. |
$ | 2,500,000 | ||
Total |
$ | 250,000,000 | ||
Annex A
[Form of Opinion of Counsel for the Company]
(a) The Registration Statement is an “automatic shelf registration statement” as defined under
Rule 405 of the Securities Act that has been filed with the Commission not earlier than three years
prior to the date of the Underwriting Agreement; each of the Preliminary Prospectus and the
Prospectus was filed with the Commission pursuant to the subparagraph of Rule 424 under the
Securities Act specified in such opinion on the date specified therein; and, to the best knowledge
of such counsel, no order suspending the effectiveness of the Registration Statement has been
issued, no notice of objection of the Commission to the use of such registration statement or any
post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been
received by the Company and no proceeding for that purpose or pursuant to Section 8A of the
Securities Act against the Company or in connection with the offering is pending by the Commission.
(b) The Registration Statement, the Preliminary Prospectus and the Prospectus (other than (a)
the financial statements and related schedules thereto, including the notes thereto and the
independent registered public accounting firm’s report thereon, (b) the other financial and
statistical data that is included or incorporated by reference therein, (c) the oil and gas reserve
reports and related reserve information contained or incorporated by reference therein, or omitted
therefrom, and (d) the documents incorporated by reference in the Time of Sale Information and the
Prospectus or any further amendment or supplement thereto made by the Company prior to the Closing
Date, in each case as to which such counsel need express no opinion) appear on their face to be
appropriately responsive in all material respects to the requirements of the Securities Act; each
Issuer Free Writing Prospectus included in the Time of Sale Information contains the legend
required by Rule 433 of the Securities Act and has been filed with the Commission to the extent,
and within the time period, required pursuant to Rule 433 of the Securities Act; and the Indenture
complies as to form in all material respects with the requirements of the Trust Indenture Act.
(c) The Company is validly existing and in good standing as a corporation under the laws of
the State of Delaware with all requisite corporate power and authority to own its properties and
conduct its business in all material respects as described in the Registration Statement, the Time
of Sale Information and the Prospectus.
(d) Each of the Subsidiaries (other than Mountain Front Partners LLC, Range Resources — Pine
Mountain, Inc., Xxxxxx Energy Management GP, LLC and Xxxxxx Energy, Ltd.) is validly existing and
in good standing under the laws of the State of Delaware; Mountain Front Partners LLC is validly
existing under the laws of the State of Oklahoma, each of Xxxxxx Energy Management GP, LLC and
Xxxxxx Energy, Ltd. is validly existing under the laws of the State of Texas and Xxxxxx Energy
Management GP, LLC is in good standing under the laws of the State of Texas; Range Resources —
Pine Mountain, Inc. is validly existing under the laws of the State of Virginia; each of the
Subsidiaries (other than Mountain Front Partners LLC and Range Resources — Pine Mountain, Inc.
with
A-1
respect to which such counsel need not opine) has all requisite corporate, limited liability
company or partnership power and authority to own its respective properties and to conduct its
respective business, in all material respects as described in the Registration Statement, the Time
of Sale Information and the Prospectus.
(e) The Company and each of the Subsidiaries listed on Schedule 1 of such opinion,
other than Xxxxxx Energy, Ltd., are (i) duly qualified or licensed to do business as a foreign
corporation, foreign limited partnership or limited liability company in each jurisdiction listed
across from each such entity’s name on Schedule 1 of such opinion and (ii) in good standing
in each jurisdiction listed across from each such entity’s name on Schedule 1 of such
opinion, [other than those jurisdictions in which good standing is not a relevant concept for such
entity — such counsel may separately specify on Schedule 1 which states the opinion in
clause (ii) speaks to and, if verbal or written confirmation of good standing is not available from
New York by closing, may omit New York from such opinion.].
(f) The documents incorporated by reference in the Time of Sale Information and the Prospectus
or any further amendment or supplement thereto made by the Company prior to the Closing Date
(except for (a) the financial statements and related schedules thereto, including the notes thereto
and the independent registered public accounting firm’s report thereon, (b) the other financial and
statistical data that is included or incorporated by reference therein or omitted therefrom and (c)
the oil and gas reserve reports and related reserve information contained or incorporated by
reference therein, in each case as to which we express no opinion), when they were filed with the
Commission, appear on their face to be appropriately responsive in all material respects with the
requirements of the Securities Act or the Exchange Act and the rules and regulations of the
Commission thereunder.
(g) The execution, delivery and performance of the Underwriting Agreement, the Indenture and
the Securities by the Company and the Subsidiaries, as applicable, and the consummation by the
Company of the transactions contemplated thereby and the issuance of the Securities by the Company
do not conflict with, or result in any breach of, or constitute a default under (nor constitute any
event which with notice, lapse of time, or both would constitute a breach or default under) (A) any
provisions of the Charter or Bylaws of the Company, (B) any Applicable Contract, or (C) assuming
compliance with all applicable state securities laws and assuming the accuracy of the
representations and warranties of the Underwriters contained in the Underwriting Agreement, any
federal or Texas or Delaware state law, regulation or rule or, to our knowledge and without having
investigated governmental records or court dockets, any decree, judgment or order applicable to the
Company or any of the Subsidiaries, except, in the case of clause (B) and (C), for such conflicts,
breaches or defaults that would not, individually or in the aggregate, result in a Material Adverse
Effect and, in the case of clause (C), such counsel need express no opinion with respect to the
anti-fraud provisions of federal securities laws or with respect to state securities laws or Blue
Sky laws.
A-2
(h) The Underwriting Agreement has been duly authorized, executed and delivered by the
Company.
(i) The Indenture has been duly authorized, executed and delivered by the Company and,
assuming the due authorization, execution and delivery thereof by the Trustee, constitutes a legal,
valid and binding agreement of the Company, enforceable against the Company and the Subsidiaries in
accordance with its terms except that (A) the enforceability thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, or by
general principles of equity, whether enforcement is considered in a proceeding in equity or at
law, and the discretion of the court before which any proceeding therefor may be brought and (B)
the rights to indemnity and contribution may be limited by applicable law, rule, regulation or
judicial determination or interpretation of the Commission.
(j) The Guarantees, as defined in the Indenture, have been duly authorized, executed and
delivered by the Subsidiary Guarantors (other than Mountain Front Partners, LLC and Range Resources
— Pine Mountain, Inc., as to which such counsel need not opine), and, assuming the due
authorization, execution and delivery of the Securities by the Trustee and upon payment for and
delivery of the Notes in accordance with the Underwriting Agreement, each Guarantee will constitute
a legal, valid and binding agreement of each Subsidiary Guarantor, enforceable against each
Subsidiary Guarantor in accordance with its terms except that (A) the enforceability thereof may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally, or by general principles of equity, whether enforcement is considered in a
proceeding in equity or at law, and the discretion of the court before which any proceeding
therefor may be brought and (B) the rights to indemnity and contribution may be limited by
applicable law, rule, regulation or judicial determination or interpretation of the Commission.
(k) The Securities have been duly authorized by the Company, and when executed and duly
authenticated in accordance with the terms of the Indenture and delivered to and paid for by the
Underwriters in accordance with the terms of the Underwriting Agreement, (A) will constitute legal,
valid and binding obligations of the Company, enforceable against the Company in accordance with
their terms, except that (i) the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ rights generally, or by general
principles of equity, whether enforcement is considered in a proceeding in equity or at law, and
the discretion of the court before which any proceeding therefor may be brought, and (ii) the
rights to indemnity and contribution may be limited by applicable law, rule, regulation or judicial
determination or interpretation of the Commission, and (B) will be entitled to the benefits of the
Indenture.
(l) No approval, authorization, consent or order of or filing with any federal, Texas or
Delaware governmental or regulatory commission, board, body, authority or agency is required in
connection with the issuance and sale by the Company of the
Securities as contemplated in the Underwriting Agreement, other than such as have been obtained
under the Securities Act and the Trust Indenture Act and as may be required
A-3
under the securities or
blue sky laws of the various jurisdictions in which the Securities are being resold by the
Underwriters.
(m) The statements set forth in the Preliminary Prospectus under the caption “Description of
notes” (when taken together with the terms of the Securities set forth in the Time of Sale
Information) and in the Preliminary Prospectus under the caption “Description of debt securities,”
insofar as they purport to constitute a summary of the terms of the Securities, are accurate
summaries in all material respects; and the statements set forth in the Time of Sale Information
and the Prospectus under the caption “Important U.S. federal income tax considerations,” insofar as
they purport to constitute summaries of matters of law or regulation or legal conclusions, are
accurate summaries in all material respects.
(n) The Company is not, and after giving effect to the offering and sale of the Securities and
the application of the proceeds thereof as described in the Registration Statement, the Time of
Sale Information and the Prospectus will not be, required to register as an “investment company” as
defined in the Investment Company Act of 1940, as amended.
(o) Based upon our participation in conferences with officers and other representatives of the
Company, representatives of the independent public accountants of the Company and representatives
of the Underwriters and their counsel at which the contents of the Registration Statement, the Time
of Sale Information and the Prospectus and any amendment and supplement thereto and related matters
were discussed and without any additional inquiry or due diligence (except as necessary to express
the opinions set forth above), although we have not conducted any independent investigations with
regard to the information in the Registration Statement, the Time of Sale Information and the
Prospectus and are not passing upon and do not assume any responsibility for the accuracy,
completeness or fairness of the statements contained in the Registration Statement, the Time of
Sale Information and the Prospectus (except to the extent stated in paragraph (m) above), no facts
have come to our attention which lead us to believe that the Registration Statement, at the time of
its effective date (including the information, if any, deemed pursuant to Rule 430A, 430B or 430C
to be part of the Registration Statement at the time of effectiveness), contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, that the Time of Sale Information, at the
Time of Sale (which such counsel may assume to be 3:00 p.m. EDT on the date of the Underwriting
Agreement) contained any untrue statement of a material fact or omitted to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading or that the Prospectus or any amendment or supplement thereto as of its date
and the Closing Date contains any untrue statement of a material fact or omits to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading (except for (a) the financial statements and related schedules thereto,
including the notes thereto, and the independent registered public accounting firm’s report
thereon, (b) the other financial and statistical data that is included or incorporated by reference
A-4
therein or omitted therefrom, (c) the oil and gas reserve reports and related reserve information
contained or incorporated by reference therein and (d) representations and warranties in the
exhibits to the Registration Statement, in each case as to which we express no opinion).
A-5
SCHEDULE 1
• | Range Resources Corporation — Oklahoma, Texas | ||
• | Range Energy I, Inc. — Alabama, Louisiana, Mississippi, New Mexico, West Virginia | ||
• | Range Holdco, Inc. — New York, Ohio, Oklahoma, Pennsylvania, West Virginia | ||
• | Range Operating New Mexico, Inc. — New Mexico | ||
• | Range Operating Texas, L.L.C. — Texas | ||
• | Range Production Company — Alabama, Louisiana, Mississippi, New Mexico, Oklahoma, Texas | ||
• | Range Resources — Appalachia, LLC — Michigan, New York, Ohio, Pennsylvania, West Virginia | ||
• | Range Resources — Pine Mountain, Inc. — West Virginia, Wyoming | ||
• | Range Texas Production, L.L.C. — Alabama, Louisiana, Texas | ||
• | Xxxxxx Energy GP, LLC — Texas | ||
• | Xxxxxx Energy, Ltd. — Mississippi | ||
• | Xxxxxx Energy Management GP, LLC — Mississippi | ||
• | Xxxxxx Oil Properties, LP — Texas |
A-6
Annex B
OFFICERS’ CERTIFICATE
1. | I have reviewed the Registration Statement, the Time of Sale Information and the Prospectus. | |
2. | The representations and warranties of the Company as set forth in the Underwriting Agreement are true and correct as of the time of purchase. | |
3. | The Company has performed all of its obligations under the Underwriting Agreement as are to be performed at or before the time of purchase. | |
4. | The condition set forth in Section 6(d) (No Material Adverse Change) of the Underwriting Agreement has been met. |
B-1
Annex C
a. Time of Sale Information
1. Term sheet containing the terms of the Securities, substantially in the form of Annex D.
C-1
Annex D
Issuer:
|
Range Resources Corporation | |
Guarantors:
|
Mountain Front Partners LLC, 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, Xxxxxx Energy GP, LLC, Xxxxxx Energy, LP, LLC, Xxxxxx Energy, Ltd., Xxxxxx Energy Management GP, LLC and Xxxxxx Oil Properties, LP | |
Security Description:
|
Senior Subordinated Notes | |
Distribution:
|
SEC Registered | |
Face:
|
$250,000,000 | |
Gross Proceeds:
|
$250,000,000 | |
Coupon:
|
7.25% | |
Maturity:
|
May 1, 2018 | |
Offering Price:
|
100% | |
Yield to Maturity:
|
7.25% | |
Spread to Treasury:
|
+351 bps | |
Benchmark:
|
UST 3.5% due 2/15/2018 | |
Ratings:
|
Ba3/BB | |
November 1 and May 1 | ||
Beginning:
|
November 1, 2008 | |
Clawback:
|
Up to 35% at 107.25% | |
Until:
|
May 1, 2011 | |
Optional redemption:
|
Makewhole @ T+50 bps prior to May 1, 2013: |
On or after: | Price: | |||
May 1, 2013 | 103.625 % | |||
May 1, 2014 | 102.417 % | |||
May 1, 2015 | 101.208 % | |||
May 1, 2016 and thereafter | 100.000 % | |||
Change of control:
|
Put @ 101% of principal plus accrued interest | |||
Trade Date:
|
May 1, 2008 | |||
Settlement Date:
|
(T+3) May 6, 2008 | |||
CUSIP:
|
00000XXX0 | |||
ISIN:
|
US75281AAJ88 | |||
Joint Bookrunners:
|
JPMorgan | |||
Banc of America Securities LLC |
D-1
Co-Managers:
|
BMO Capital Markets | |
Citi | ||
Credit Suisse | ||
Deutsche Bank Securities | ||
Wachovia Securities | ||
Barclays Capital | ||
CALYON SECURITIES (USA) INC. | ||
Fortis Securities LLC | ||
KeyBanc Capital Markets | ||
SOCIETE GENERALE | ||
BBVA Securities | ||
Capital One Southcoast | ||
Comerica Securities | ||
Natixis Bleichroeder Inc. | ||
RBC Capital Markets | ||
Scotia Capital | ||
SunTrust Xxxxxxxx Xxxxxxxx |
We estimate that the net proceeds from this offering (after deducting discounts to the underwriters
and estimated expenses of the offering) will be approximately $244.5 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.
In addition, on April 30, 2008, we priced our public offering of 4,200,000 common shares at $66.38
per share. We expect to receive net proceeds from that offering of approximately $266.9 million,
after deducting estimated underwriting discounts and offering expenses. In addition, we have
granted the underwriters a 30-day option to purchase up to 630,000 additional shares of our common
stock to cover over-allotments, if any. We intend to use the net proceeds from that offering,
together with any net proceeds from any exercise of the underwriters’ over-allotment option, to pay
down a portion of the outstanding balance on our senior credit facility.
Any such amounts paid down on our senior credit facility with the net proceeds from this offering
or the 4,200,000 share common share offering may be reborrowed from time to time for general
corporate purposes including, but not limited to, acreage acquisitions.
The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
XXXXX on the SEC Web site at xxx.xxx.xxx. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you request it by calling
collect 0-000-000-0000.
D-2