LONG BEACH, Calif., June  16, 2026  (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) (the &#34;Company&#34;) announced today that, subject to market and other conditions, it intends to offer and sell to eligible

California Resources Corporation Announces Private Offering of $550 Million of Senior Unsecured Notes

CRC to issue $550M 2035 notes to fund 2029 redemption

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>LONG BEACH, Calif., June  16, 2026  (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) (the &amp;#34;Company&amp;#34;) announced today that, subject to market and other conditions, it intends to offer and sell to eligible</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>CRC announced plans to issue $550 million of senior unsecured notes due 2035, guaranteed by subsidiaries. Proceeds, plus potential revolver borrowings or cash, would fund the redemption of the $550 million 2029 notes at 104.125%, with redemption contingent on the offering. The move aims to optimize the capital structure amid ongoing debt management.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>CRC to issue $550M 2035 senior unsecured notes; guaranteed by subsidiaries.</li><li>Proceeds to fund redemption of 2029 notes at 104.125%.</li><li>Redemption conditioned on offering; not contingent on completion.</li><li>Notes offered only to QIBs outside the US.</li><li>CRC cites forward-looking statements and risks; no updates promised.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>California Resources Corporation (CRC)</strong>: Announces debt offering to fund redemption; potential improvement in capitalization and refinancing risk.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The article details a debt-for-debt refinancing action and capital-structure optimization by CRC, relevant to leverage, liquidity, and funding strategy in the energy sector.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Debt offering size and 2035 maturity could alter CRC&#039;s leverage metrics.</li><li>Redemption at 104.125% implies cash outflow and near-term liquidity implications.</li><li>Funding mix (revolver + cash) may affect liquidity runway and flexibility.</li><li>Private/offshore nature (QIB/Reg S) may limit immediate market reaction.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Aggregate principal: $550 million senior unsecured notes due 2035.</li><li>Guarantees by subsidiaries that guarantee revolving facility and 2029/2034 notes.</li><li>Redemption of 2029 notes at 104.125% plus accrued interest; conditioned on offering completion.</li><li>Notes not registered; offered to QIBs under Rule 144A and Reg S.</li><li>Release date: June 16, 2026; press release via Globe Newswire.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish if the deal closes promptly and reduces near-term refinancing risk within quarters.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">LONG BEACH, Calif., June  16, 2026  (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CRC">CRC</a>) (the "Company") announced today that, subject to market and other conditions, it intends to offer and sell to eligible purchasers $550 million in aggregate principal amount of senior unsecured notes due 2035 (the "Notes"). The Notes will be guaranteed by all of the Company's existing subsidiaries that guarantee its revolving credit facility, its 8.250% senior notes due 2029 (the "2029 Notes") and its 7.000% senior notes due 2034, and certain future subsidiaries. The Company intends to use the net proceeds from this offering, together with borrowings under its revolving credit facility and/or cash on hand to fund the redemption of all outstanding $550 million in aggregate principal amount of its 2029 Notes at a redemption price of 104.125% thereof, plus accrued and unpaid interest to, but excluding, the date of redemption. The redemption of the 2029 Notes is expected to be conditioned on the completion of the offering of the Notes. The offering of the Notes is not contingent upon the completion of such redemption.</p>  <p align="justify">The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the rules promulgated thereunder and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.</p>  <p align="justify">This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any Notes, nor shall there be any offer, solicitation or sale of Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Additionally, this press release shall not constitute a notice of redemption under the indenture governing the 2029 Notes.</p>  <p align="justify"><strong><u>Forward-Looking Statement Disclosure</u></strong></p>  <p align="justify">All statements, except for statements of historical fact, made in this release regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as statements regarding the proposed offering and the intended use of proceeds, including the redemption of the 2029 Notes, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, the Company expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.</p>  <p align="justify">The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the Company's business, most of which are difficult to predict and many of which are beyond the Company's control. These risks include, but are not limited to, the risks described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequently filed Quarterly Reports on Form 10-Q.</p>  <p align="justify"><strong><u>About California Resources Corporation</u></strong></p>  <p align="justify">California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage and other emissions-reducing projects.</p>  <p align="justify"><strong><u>CRC Contacts</u></strong><strong>:</strong></p>  <p align="justify">Hailey Bonus<br></br>CRC Media<br></br>714-874-7732<br></br><a href="https://www.globenewswire.com/Tracker?data=G73mesFZOm4XoW9eu0XTdmNXmh9S6or0I4mAczJ7qdnnu1mwdMgb3NksdQDKPWA2TQ5SdJHmSb-n58NGfbe4YfBrMJ3h8g0lOMMvhRWU2EzSLrZcV_XWpKiFdePgAFeI" rel="nofollow" target="_blank">CRC.Communications@crc.com</a> <br></br>        <br></br>Daniel Juck<br></br>CRC Investor Relations<br></br>818-661-3700<br></br><a href="https://www.globenewswire.com/Tracker?data=KGE6kGLr0x3_4l58T7M4OMgBL1U4GvZpAX9gSXP-wbO3COyrcDw_2VZYZFpK28uZIoeizOGsXw9kNTBAKbrk8Q==" rel="nofollow" target="_blank">CRC_IR@crc.com</a></p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTc0NzcyNyM3NjYyNDQ3IzIwMTg3OTk="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/YzM5NDM1ZjItZjFkMC00NWVmLTk0MWEtNmNmNDhlNjkyNzg0LTEwMzAzNzItMjAyNi0wNi0xNi1lbg==/tiny/California-Resources-Corporati.png" referrerpolicy="no-referrer-when-downgrade"></img><p><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/5e3e9064-e701-4c04-bf41-2203b9b962c5"><img src="https://ml.globenewswire.com/media/5e3e9064-e701-4c04-bf41-2203b9b962c5/small/horizontal-logo-4x-png.png" border="0" width="150" height="27" alt="Primary Logo"></img></a></p>

CRC announced plans to issue $550 million of senior unsecured notes due 2035, guaranteed by subsidiaries. Proceeds, plus potential revolver borrowings or cash, would fund the redemption of the $550 million 2029 notes at 104.125%, with redemption contingent on the offering. The move aims to optimize the capital structure amid ongoing debt management.

California Resources Corporation Announces Private Offering of $550 Million of Senior Unsecured Notes

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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