California Resources prices $550 million 7.250% notes due 2035 to redeem 2029 notes
California Resources completed a $550 million private offering of 7.250% senior unsecured notes due January 15, 2035. The company said it intends to use the proceeds, together with cash on hand and or revolver borrowings, to redeem all $550 million of its 8.250% notes due 2029 at 104.125% of principal plus accrued interest. The refinancing swaps one $550 million debt issue for another with a later maturity and a lower coupon, though the filing does not state any effect on annual interest expense.
Key points
- Notes: $550 million, 7.250% senior unsecured, maturing January 15, 2035; interest payable January 15 and July 15, starting January 15, 2027
- Redemption: all $550 million of 8.250% notes due 2029, at 104.125% of principal plus accrued interest; the redemption closed June 26, 2026
- Optional redemption by the company generally begins July 15, 2029; change of control repurchase price is 101% of principal
- Indenture filed as Exhibit 4.1; trustee is Wilmington Trust, National Association
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 26, 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.