California Resources Corp (CRC): debt financing — CRC closes $350M upsized 7% notes due 2034 to refinance 8.25% notes due 2029

California Resources Corp

Issued $350M additional 7.000% senior notes due Jan 15, 2034; semi-annual interest begins July 15, 2026.
Net proceeds, with cash on hand or revolver borrowings, to redeem $350M of 8.250% senior notes due 2029 at 100% plus premium.
New notes are fungible with existing $400M 7.000% 2034 notes under same indenture; same CUSIP for 144A tranche.
Redemption of 2029 notes expected to close March 24, 2026.
Notes are senior unsecured, guaranteed by CRC's credit facility and 2029 note guarantors.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

California Resources Corp incurred senior notes of $350 million aggregate principal amount with Wilmington Trust, National Association at 7.000% maturing January 15, 2034.

Instrument: senior notes
Principal: $350 million aggregate principal amount
Counterparty: Wilmington Trust, National Association
Rate: 7.000%
Maturity: January 15, 2034
Event: incurrence

Exact text from the filing

On March 23, 2026, California Resources Corporation (the “Company”) completed its previously announced upsized private offering of an additional $350 million aggregate principal amount of its 7.000% senior unsecured notes due 2034 (the “Notes”).

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

California Resources Corp entered into First Supplemental Indenture with Wilmington Trust, National Association (effective 2026-01-16).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Effective: 2026-01-16

Exact text from the filing

The terms of the Notes are governed by the Indenture, dated as of October 8, 2025 (the “Original Indenture”, as amended and supplemented by the First Supplemental Indenture, dated as of January 16, 2026 (the “First Supplemental Indenture” and together with the Original Indenture, the “Indenture”)), by and among the Company, the guarantors party thereto (the “Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”).

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

California Resources Corp entered into Indenture with Wilmington Trust, National Association valued at $350 million aggregate principal amount (effective 2026-03-23).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $350 million aggregate principal amount
Effective: 2026-03-23

Exact text from the filing

On March 23, 2026, California Resources Corporation (the “Company”) completed its previously announced upsized private offering of an additional $350 million aggregate principal amount of its 7.000% senior unsecured notes due 2034

View on SEC.gov

101 debt financings filed in the last 30 days. Browse all debt financings →

California Resources Corp filing history →

Source: SEC EDGAR

accession 0001609253-26-000084

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