News: RRS Range resources updates on LandOcean payment arrangements

Aug 3 (Reuters) - Range Resources Ltd (RRS)

• 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