CRC completes $300M add-on of 8.25% senior notes; tenders up to $300M of 7.125% 2026 notes

California Resources Corp

Completed private offering of $300M aggregate principal of 8.250% senior notes due 2029, priced at 101% of par.
Total outstanding in series now $900M; notes rank equally with existing unsecured debt.
Concurrently commenced tender offer for up to $300M of its 7.125% senior notes due 2026, using net proceeds and cash.
Offering not conditioned on tender offer, but tender offer conditioned on offering closing.
Interest on new notes payable semi-annually starting Dec 15, 2024; maturity June 15, 2029.

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