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

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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' 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 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.

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