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

Core Viewpoint - California Resources Corporation (CRC) announced a private offering of $400 million in senior unsecured notes to finance the repayment of existing debt related to the pending merger with Berry Corporation [1][2]. Group 1: Offering Details - The offering consists of $400 million in 7.000% senior unsecured notes due 2034, priced at par [1]. - The estimated net proceeds from the offering will be approximately $394 million after deducting discounts and expenses [2]. - The offering is expected to close on October 8, 2025, subject to customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds will be used to repay existing indebtedness of Berry Corporation in connection with the Berry Merger, as well as to cover fees and expenses related to the merger and the offering of the notes [2]. Group 3: 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 [3]. Group 4: Company Overview - California Resources Corporation is an independent energy and carbon management company focused on energy transition and environmental stewardship [8]. - The company aims to maximize the value of its land and mineral ownership while developing carbon capture and storage (CCS) projects [9].