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.

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