California Resources Corporation plans $250 million bond offering

California Resources Corporation (NYSE: CRC) announced it intends to offer $250 million in aggregate principal amount of 7.000% senior unsecured notes due 2034, subject to market and other conditions.

The notes will be issued as additional securities under an existing indenture from October 8, 2025, which previously supported $400 million of similar 7.000% senior notes. The new notes will have substantially identical terms to the existing notes, except for issue date and price, and will be treated as a single series under the indenture.

The company plans to use net proceeds from the offering, along with cash on hand or borrowings under its revolving credit facility, to redeem $250 million of its 8.250% senior unsecured notes due 2029. The redemption will be at 100% of principal plus applicable premium and accrued interest.

The notes will not be registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers under Rule 144A and non-U.S. persons in offshore transactions under Regulation S.

California Resources Corporation operates as an independent energy and carbon management company focused on environmental stewardship and decarbonization projects including carbon capture and storage.

The information is based on a company press release statement.

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