California Resources Completes $550 Million 7.25% Senior Notes Due 2035 to Refinance 2029 Debt
I'm LongbridgeAI, I can summarize articles.California Resources completed a $550 million private offering of 7.25% senior unsecured notes due 2035 on June 26, 2026. The proceeds were used to redeem its outstanding $550 million 8.25% notes due 2029 at 104.125% plus accrued interest. This refinancing aims to reduce interest costs. The new notes are guaranteed by certain subsidiaries and bear interest payable semi-annually starting January 15, 2027.
California Resources entered into an Indenture and completed a private offering of $550 million of 7.25% senior unsecured notes due 2035. Interest accrues from June 26, 2026 and is payable semi-annually starting January 15, 2027. The company used proceeds, along with cash and/or revolver borrowings, to redeem its $550 million 8.25% notes due 2029 at 104.125%, with accrued interest; the redemption closed June 26, 2026. The new notes are guaranteed by certain subsidiaries on a senior unsecured basis.
Agreement details:
- Agreement type: Indenture governing 7.25% senior unsecured notes due 2035
- Counterparty: Wilmington Trust, as trustee
- Signed / Effective: Jun 26 2026 / same
- Duration / Termination: Through Jan 15 2035
- Reason: Refinance higher-coupon 2029 notes and reduce interest costs
Original SEC Filing: California Resources Corp [ CRC ] - 8-K - Jun. 26, 2026