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BRIEF-Range resources updates on LandOcean payment arrangements

Published 03/08/2017, 05:54 pm
Updated 03/08/2017, 06:00 pm
© Reuters.  BRIEF-Range resources updates on LandOcean payment arrangements
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Aug 3 (Reuters) - Range Resources (NYSE:RRC) Ltd RRS.AX

* Has received notification from landocean that it entered into short-term factoring arrangement with huayuan commercial factoring & sichuan xw bank co

* Landocean has provided range with guarantee and indemnity to ensure that range does not have to pay any party (either landocean or factor)

* Factoring arrangement has maturity date of 30 April 2018

* Factoring arrangement maturity date results in mismatch between maturity date by when landocean require to repay factor & due date for payment by range of amounts due

* Landocean further indemnifies range to ensure that range is only liable to pay no later than april 2020

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