secwatch.observer — SEC 8-K summary
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Issuer:     California Resources Corp (CRC)
CIK:        0001609253
Form:       8-K
Filed at:   2025-09-24T23:59:59+00:00
Accession:  0001193125-25-214054
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.02, 8.01, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609253/000119312525214054/0001193125-25-214054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609253/000119312525214054/d175953d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-214054

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