---
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"
generated_at: "2026-05-17T05:47:25.486805+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.02, 8.01, 5.07, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-214054
- JSON: https://secwatch.observer/filing/0001193125-25-214054.json
- Plain text: https://secwatch.observer/filing/0001193125-25-214054.txt

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