CRC Launches $500M Senior Notes Offering to Repay Aera Debt Upon Merger Close

California Resources Corp

CRC announces private offering of $500M senior unsecured notes due 2029, guaranteed by existing credit facility guarantors.
Net proceeds, plus cash and credit facility borrowings, will repay Aera Companies' $950M outstanding debt at merger close.
Notes subject to special mandatory redemption if Aera Merger not closed by May 7, 2025 or if terminated earlier.
Pro forma for Aera Merger: TTM ended Mar 31, 2024 total operating revenues $3.8B, adjusted EBITDAX $1.756B.
Pro forma combined production 146 MBoe/d (CRC 76, Aera 70); CRC had $401M cash, Aera $121M cash as of Apr 30, 2024.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.