CRC issues $550M 7.250% notes due 2035 to redeem higher-coupon 8.250% notes due 2029

California Resources Corp

Issued $550M aggregate principal of 7.250% senior unsecured notes due Jan 15, 2035; interest payable semi-annually starting Jan 15, 2027.
Net proceeds used to redeem all $550M of 8.250% senior notes due 2029 at 104.125% plus accrued interest; redemption closed June 26, 2026.
Notes are guaranteed by existing subsidiaries that guarantee the revolving credit facility and the 7.000% notes due 2034.
Refinancing extends maturity from 2029 to 2035 and reduces coupon by 100 bps, lowering annual interest expense.

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