California Resources Corporation Announces Pricing of Private Offering of $600 Million of Senior Unsecured Notes
14 Janeiro 2021 - 7:54PM
Business Wire
California Resources Corporation (NYSE: CRC) (the “Company”)
announced today the pricing of its private offering of $600 million
in aggregate principal amount of its 7.125% senior unsecured notes
due 2026 (the “Notes”) at par. The Notes will be guaranteed by all
of the Company’s existing subsidiaries that guarantee its revolving
credit facility and certain future subsidiaries. The offering is
expected to close on January 20, 2021, subject to customary closing
conditions.
The Company estimates that the net proceeds from the offering
will be approximately $589 million after deducting the initial
purchasers' discount and estimated expenses. The Company intends to
use the net proceeds from this offering to repay in full its second
lien term loan and repay all outstanding senior secured notes due
2027 previously issued by its wholly-owned subsidiary that
indirectly owns all of the assets associated with its Elk Hills
power plant and gas processing facilities, with the remainder to be
used to repay a portion of the outstanding borrowings under its
revolving credit facility.
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.
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.
Forward-Looking Statement Disclosure
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, 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.
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, 2019 and its subsequently filed Quarterly
Reports on Form 10-Q.
About California Resources
Corporation
California Resources Corporation is the largest oil and natural
gas exploration and production company in California. The Company
operates its large conventional and diverse resource base
exclusively within the State of California, applying complementary
and integrated infrastructure to gather, process and market its
production. Using advanced technology, the Company focuses on
safely and responsibly supplying affordable energy for California
by Californians.
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version on businesswire.com: https://www.businesswire.com/news/home/20210114006042/en/
CRC Contacts: Scott
Espenshade (Investor Relations) (818) 661-6010
Scott.Espenshade@crc.com
Margita Thompson (Media) (818) 661-6005
Margita.Thompson@crc.com
California Resources (NYSE:CRC)
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