California Resources (CRC) Gains on Exchange Offer

California Resources Corporation (NYSE: CRC) is gaining 25% in pre-open trade after the company announced the commencement of private offers to exchange (the “Exchange Offers”), upon the terms and conditions set forth in the offering memorandum and solicitation statement (the “Offering Memorandum and Solicitation Statement”), dated February 20, 2020, and the related letter of transmittal, to all Eligible Holders (as defined below) of its outstanding 8% Senior Secured Second Lien Notes due 2022 (the “8% Notes”), 5½% Senior Notes due 2021 (the “5½% Notes”) and 6% Senior Notes due 2024 (the “6% Notes” and, together with the 8% Notes and the 5½% Notes, the “Notes”) to exchange the outstanding Notes, subject to the Acceptance Priority Level.

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