California Resources entered into an Indenture and completed a private offering of $550 million of 7.25% senior unsecured notes due 2035. Interest accrues from June 26, 2026 and is payable semi-annually starting January 15, 2027. The company used proceeds, along with cash and/or revolver borrowings, to redeem its $550 million 8.25% notes due 2029 at 104.125%, with accrued interest; the redemption closed June 26, 2026. The new notes are guaranteed by certain subsidiaries on a senior unsecured basis.
Agreement details:
- Agreement type: Indenture governing 7.25% senior unsecured notes due 2035
- Counterparty: Wilmington Trust, as trustee
- Signed / Effective: Jun 26 2026 / same
- Duration / Termination: Through Jan 15 2035
- Reason: Refinance higher-coupon 2029 notes and reduce interest costs
Original SEC Filing:
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