California Resources Corp to Offer $250M in Senior Unsecured Notes

By Chris Stiles • Wednesday, March 11 13:40 • Permanent Link

California Resources Corporation (CRC) has announced its intention to offer and sell $250 million in aggregate principal amount of 7.000% senior unsecured notes due 2034. These notes are being offered as additional notes under the indenture dated as of October 8, 2025, pursuant to which the company previously issued $400 million aggregate principal amount of 7.000% senior notes.

The company plans to use the net proceeds from this offering, along with cash on hand and/or borrowings under its revolving credit facility, to fund the redemption of $250 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029 at a redemption price of 100% thereof, plus the applicable premium and accrued and unpaid interest.

The offering of the notes is not contingent upon the completion of the redemption of the 2029 notes.

The notes have not been registered under the securities act and may only be offered to qualified institutional buyers in reliance on rule 144a under the securities act and non-U.S. persons in transactions outside the United States in reliance on regulation s under the securities act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any notes, nor shall there be any offer, solicitation, or sale of notes in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

All statements made in this release regarding activities, events, or developments the company expects to occur in the future, such as the proposed offering and the intended use of proceeds, are considered forward-looking statements.

Metrics Change: The company intends to offer and sell $250 million in aggregate principal amount of its 7.000% senior unsecured notes due 2034. It previously issued $400 million aggregate principal amount of 7.000% senior notes under the same indenture. The company plans to fund the redemption of $250 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029. The offering of the notes is not contingent upon the completion of the redemption of the 2029 notes. Today the company's shares have moved 1.55% to a price of $47.94. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.