California Resources Corporation completed its upsized private offering of $350 million aggregate principal amount of 7.000% senior unsecured notes due 2034 on March 23, 2026. The net proceeds, along with cash on hand or borrowings, will fund the redemption of $350 million of its 8.250% senior unsecured notes due 2029, expected to close on March 24, 2026.
Key takeaways
Completed $350 million private offering of 7.000% senior unsecured notes due January 15, 2034 on March 23, 2026.
Notes issued under Indenture dated October 8, 2025, supplemented January 16, 2026, by Company, Guarantors, and Wilmington Trust as Trustee.
Interest accrues from October 8, 2025, payable semi-annually on January 15 and July 15, commencing July 15, 2026.
Proceeds to redeem $350 million 8.250% senior notes due 2029 at 100% plus Applicable Premium on March 24, 2026.
Additional notes fungible with existing $400 million 7.000% notes due 2034, same CUSIP/ISIN except Regulation S.
Guaranteed by existing subsidiaries guaranteeing revolving credit facility and 2029 notes; senior unsecured ranking.