California Resources Corporation (NYSE: CRC) announced the pricing of a private offering of $550 million in aggregate principal amount of 7.250% senior unsecured notes due 2035, offered at par. The offering is expected to close on June 26, 2026, subject to customary closing conditions.

The company estimates net proceeds of approximately $541 million after deducting the initial purchasers' discount and estimated expenses. CRC intends to use those proceeds, along with borrowings under its revolving credit facility and/or cash on hand, to fund the redemption of all outstanding $550 million of its 8.250% senior notes due 2029 at a redemption price of 104.125% of par, plus accrued and unpaid interest through the redemption date.

The new notes will be guaranteed by all of CRC's existing subsidiaries that guarantee its revolving credit facility, its 2029 notes, and its 7.000% senior notes due 2034, as well as certain future subsidiaries.

The redemption of the 2029 notes is conditioned on the completion of the new offering, though the new offering itself is not contingent on the completion of the redemption. The notes have not been registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.