CRC prices $400M 7.000% senior notes due 2034 to fund Berry merger

California Resources Corp

Private offering of $400M aggregate principal at par; 7.000% coupon, maturity 2034.
Net proceeds ~$394M after discounts; expected closing October 8, 2025.
Proceeds used with cash and credit facility to repay Berry debt in pending merger.
Special mandatory redemption at 100% if Berry merger not closed by March 14, 2026.
Notes unsecured, guaranteed by existing and certain future subsidiaries.

item 8.01item 5.07item 9.01

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