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.
Key points
- 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
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 16, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.