California Resources Prices $550M 7.25% Notes, Plans 2029 Debt Redemption
CRC•California Resources Corporation priced a private offering of $550 million of 7.250% senior unsecured notes due 2035 at par, expected to close June 26, 2026. Net proceeds of approximately $541 million will fund redemption of $550 million 8.250% senior notes due 2029 at 104.125% plus accrued interest.
1. Note Offering Details
The company priced a private offering of $550 million of 7.250% senior unsecured notes due 2035 at par, with the offering expected to close on June 26, 2026.
2. Use of Net Proceeds
Estimated net proceeds of approximately $541 million will be used, alongside revolving credit borrowings and cash, to redeem all $550 million of its 8.250% senior notes due 2029 at a redemption price of 104.125% plus accrued interest.
3. Guarantee and Regulatory Structure
The notes will be guaranteed by all existing subsidiaries that back the revolving credit facility and other senior notes, and will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S, without registration under the Securities Act.
4. Closing and Redemption Conditions
The redemption of the 2029 notes is conditioned on completion of the new notes offering, while the offering itself is not contingent on the redemption; customary closing conditions apply.
