California Resources Corporation (NYSE: CRC) priced an upsized private offering of $350 million in 7.000% senior unsecured notes due 2034, increasing the size from a previously announced $250 million offering.

The notes were priced at 100.500% of par, plus accrued interest from October 8, 2025. The securities will mature on January 15, 2034, and pay interest semi-annually on January 15 and July 15 of each year, with the first payment scheduled for July 15, 2026. The offering is expected to close on March 23, 2026.

The new notes will be issued under the same indenture as $400 million of existing 7.000% senior notes issued in October 2025. The securities will have substantially identical terms and will be treated as a single series, voting together as one class.

California Resources Corporation plans to use the net proceeds, combined with cash on hand and potential borrowings under its revolving credit facility, to redeem $350 million of its 8.250% senior unsecured notes due 2029. The redemption will be at 100% of principal plus an applicable premium and accrued interest.

The notes were offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act. The securities have not been registered under the Securities Act or state securities laws.

The redemption of the 2029 notes is expected to be conditioned on completion of the new note offering, though the offering itself is not contingent on the redemption.