---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-142231"
form_type: "8-K"
ticker: "CRC"
cik: "0001609253"
company_name: "California Resources Corp"
filed_at: "2024-05-20T23:59:59+00:00"
generated_at: "2026-06-01T12:45:14.003230+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-142231
- form_type: 8-K
- ticker: CRC
- cik: 0001609253
- company_name: California Resources Corp
- filed_at: 2024-05-20T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609253/000119312524142231/0001193125-24-142231-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609253/000119312524142231/d828680d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-142231
- JSON: https://secwatch.observer/filing/0001193125-24-142231.json
- Plain text: https://secwatch.observer/filing/0001193125-24-142231.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.