CRC amends credit facility to boost borrowing base to $1.5B ahead of Aera merger

California Resources Corp

Spring 2024 borrowing base redetermination postponed to fall 2024.
Received commitments to increase elected commitment amount to $1.1B and borrowing base to $1.5B, contingent on Aera Merger closing.
Amendment adds provisions for escrow indebtedness cash amount to facilitate merger financing.
Lenders include Citibank, KeyBank, MUFG, RBC, TD, Deutsche Bank, Goldman Sachs, and others.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

California Resources Corp amended Amendment with Citibank, N.A., as administrative agent, collateral agent and issuing bank, and the several lenders party thereto (effective 2024-03-08).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent, collateral agent and issuing bank, and the several lenders party thereto
Effective: 2024-03-08

Exact text from the filing

On March 8, 2024, California Resources Corporation (the “Company” or “CRC”) entered into a third amendment (the “Amendment”) to its Amended and Restated Credit Agreement, dated as of April 26, 2023, with Citibank, N.A., as administrative agent, collateral agent and issuing bank, and the several lenders party thereto (as amended, the “Revolving Credit Facility”).

View on SEC.gov

565 material agreements filed in the last 30 days. Browse all material agreements →

California Resources Corp filing history →

Source: SEC EDGAR

accession 0001609253-24-000048

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

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.