California Resources Corporation Announces Private Offering of Senior Unsecured Notes

California Resources Corporation (CRC) announced on June 16, 2026, its intention to offer $550 million in aggregate principal amount of senior unsecured notes due 2035. The net proceeds from this offering, along with borrowings under its revolving credit facility and/or cash on hand, will be used to redeem all outstanding $550 million of its 8.250% senior unsecured notes due 2029. This redemption is expected to be conditioned on the completion of the new notes offering, which itself is not contingent upon the redemption. The offering is being made to qualified institutional buyers and non-U.S. persons in reliance on Rule 144A and Regulation S, respectively, under the Securities Act of 1933. Financial information provided in the offering memorandum highlights pro forma data following the Berry merger, indicating revenues, operating costs, and net income figures for various periods, alongside Adjusted EBITDAX and Free Cash Flow.