California Resources plans $550 million notes sale to redeem 8.250% 2029 notes
California Resources announced a proposed private offering of $550 million of senior unsecured notes due 2035, with proceeds plus revolver borrowings and/or cash on hand to redeem all $550 million of its 8.250% notes due 2029 at 104.125% plus accrued interest. The filing's exhibits also show a first-quarter 2026 net loss of $711 million and negative free cash flow of $32 million, so shareholders face a refinancing alongside a weak quarter.
- Proposed offering of $550 million senior unsecured notes due 2035, subject to market and other conditions, sold to qualified institutional buyers and non-U.S. persons
- Redemption of all $550 million of 8.250% senior notes due 2029 at 104.125% plus accrued and unpaid interest; the redemption is conditioned on completion of the offering
- Excerpts show a net loss of $711 million and free cash flow of negative $32 million for the three months ended March 31, 2026; cash and equivalents were $32 million as of May 31, 2026 with no revolver balance