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California Resources Prices $550 Million Private Offering of Senior Unsecured Notes

BY MT Newswires | CORPORATE | 06/16/26 05:37 PM EDT

05:37 PM EDT, 06/16/2026 (MT Newswires) -- California Resources (CRC) said late Tuesday it is pricing a private offering of $550 million in aggregate principal amount of its 7.250% senior unsecured notes due 2035 at par.

The notes will be guaranteed by all of California Resources' (CRC) existing subsidiaries that guarantee its revolving credit facility, its 8.250% senior notes due 2029, and its 7.000% senior notes due 2034, and certain future subsidiaries, the company said.

The offering is expected to close on June 26, subject to customary closing conditions.

California Resources (CRC) said it intends to use $541 million in net proceeds from the offering, along with borrowings under its revolving credit facility and cash on hand, to redeem all outstanding $550 million of its 2029 notes at a redemption price of 104.125%, plus accrued and unpaid interest until the redemption date.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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