secwatch.observer — SEC 8-K summary
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Issuer:     California Resources Corp (CRC)
CIK:        0001609253
Form:       8-K
Filed at:   2024-05-21T23:59:59+00:00
Accession:  0001609253-24-000090
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CRC prices $600M upsized 8.250% senior notes due 2029 to fund Aera merger debt repayment
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- $600M aggregate principal at par, 8.250% coupon, due 2029, closing June 5, 2024.
- Net proceeds ~$590M after discounts and expenses.
- Proceeds, plus cash and revolver borrowings, to repay Aera Energy indebtedness in pending Aera Merger.
- Special mandatory redemption if merger not consummated by May 7, 2025, or if terminated earlier.
- Notes unsecured, guaranteed by existing subsidiaries that guarantee CRC's revolving credit facility.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609253/000160925324000090/0001609253-24-000090-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609253/000160925324000090/crc-20240521.htm
  HTML page:      https://secwatch.observer/filing/0001609253-24-000090

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