CRC announces $400M senior unsecured notes due 2034 to fund Berry merger debt repayment

California Resources Corp

$400M aggregate principal senior unsecured notes due 2034; guaranteed by existing subsidiaries that also back CRC's revolving facility and 7.125%/8.250% notes.
Net proceeds, together with cash on hand and revolver borrowings, to repay Berry's existing indebtedness (Berry had $428M outstanding as of Sept 19, 2025) and pay merger fees/expenses.
Pro forma combined adjusted EBITDAX for six months ended June 30, 2025 was $773M; pro forma free cash flow was $238M.
Special mandatory redemption at 100% of issue price plus accrued interest if Berry Merger not consummated by March 14, 2026 (subject to extensions) or merger agreement terminated.
As of Sept 19, 2025, CRC held $251M cash (excl. $15M restricted) and $0 drawn on revolver; Berry had $37M cash and $428M total indebtedness.

item 1.01item 2.02item 8.01item 5.07item 9.01

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.