Fort Worth-based Range Resources said it priced an upcoming offering of 4.56 million shares of common stock to gross about $400 million before expenses, or roughly $87.70 a share, the oil and gas producer said Thursday. The company said it can sell another 684,000 shares if demand warrants, which would raise another approximately $60 million before underwriting expenses. The company said it will use the proceeds to pay for an early redemption of previously called debt paying 8 percent. The offering is expected to close on or about June 17. Range currently has about 164 million outstanding common shares, which closed Thursday at $87.73, down $1.63, or 1.8 percent, in active trading.
-- Jim Fuquay