{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-214054","form_type":"8-K","ticker":"CRC","cik":"0001609253","company_name":"California Resources Corp","filed_at":"2025-09-24T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.478819+00:00","generated_at":"2026-05-17T05:47:25.486805+00:00","sec_items":["1.01","2.02","8.01","5.07","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"CRC announces $400M senior unsecured notes due 2034 to fund Berry merger debt repayment","bullets":["$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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-214054","json":"https://secwatch.observer/filing/0001193125-25-214054.json","markdown":"https://secwatch.observer/filing/0001193125-25-214054.md","text":"https://secwatch.observer/filing/0001193125-25-214054.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1609253/000119312525214054/0001193125-25-214054-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1609253/000119312525214054/d175953d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T05:47:25.486805+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}