CRC launches $550M private note offering to refinance 8.25% 2029 notes at 104.125%

California Resources Corp

CRC announces private offering of $550M senior unsecured notes due 2035, proceeds to redeem existing $550M 8.250% notes due 2029.
Redemption price set at 104.125% of principal plus accrued interest; offering not contingent on redemption completion.
Q1 2026 net loss $711M (incl. $869M unusual items); pro forma TTM adjusted EBITDAX $1,358M.
As of May 31, 2026, CRC had $32M cash and no revolver borrowings outstanding.
Berry merger completed Dec 18, 2025; pro forma financials reflect combined entity.

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.