CRC launches $200M note offering at 8.250% and tender offer for up to $200M of 2026 notes

California Resources Corp

Issues $200M additional 8.250% senior notes due 2029, fungible with existing $600M notes.
Tender offer for up to $200M of 7.125% notes due 2026; early tender premium $30/$1,000.
Tender offer conditioned on note offering; proceeds to fund tender, reduce debt, and general corporate purposes.
Preliminary Aera Parent results: 6M 2024 production 70 MBoe/d, revenues $676M, capex $67M.
As of July 31, 2024, CRC had $96M cash and no revolver borrowings outstanding.

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