California Resources Corporation (NYSE: CRC) announced today a private offering of $400 million in senior unsecured notes due 2034. The notes will be guaranteed by all of the company’s existing subsidiaries that guarantee its revolving credit facility, its 7.125% senior unsecured notes due 2026 and its 8.250% senior unsecured notes due 2029.
The company intends to use the net proceeds, together with cash on hand and borrowings under its revolving credit facility, to repay the existing indebtedness of Berry Corporation in connection with the pending Berry merger, and to pay fees and expenses related to the merger and the offering of the notes.
The offering will be made only to qualified institutional buyers under Rule 144A and non‑U.S. persons under Regulation S, and will not be registered under the Securities Act. The notes are not intended to be offered or sold in the United States except pursuant to an exemption from registration requirements.
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