California Resources Corporation Announces Private Offering of $400 Million of Senior Unsecured Notes

Core Viewpoint - California Resources Corporation intends to offer $400 million in senior unsecured notes due 2034 to finance the repayment of existing indebtedness related to the pending business combination with Berry Corporation [1][2]. Group 1: Offering Details - The offering consists of $400 million in aggregate principal amount of senior unsecured notes due 2034, guaranteed by existing and certain future subsidiaries [1]. - The net proceeds will be used to repay Berry Corporation's existing indebtedness and cover fees and expenses related to the merger and the note offering [1]. Group 2: Redemption Conditions - If the Berry Merger does not occur by March 14, 2026, or if the merger agreement is terminated, the notes will be subject to a special mandatory redemption at 100% of the initial issue price plus accrued interest [2]. Group 3: Regulatory Information - The notes will not be registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers and non-U.S. persons [3]. - The company will file a registration statement with the SEC in connection with the Berry Merger, which will include a proxy statement and prospectus [8]. Group 4: Company Overview - California Resources Corporation is an independent energy and carbon management company focused on energy transition and environmental stewardship [7].