California Resources Corporation Announces Pricing of Upsized Private Offering of $300 Million of Additional 8.250% Senior Unsecured Notes due 2029

The Notes were offered as additional notes under the indenture dated June 5, 2024 (as amended and supplemented from time to time), pursuant to which the Company previously issued $600 million aggregate principal amount of Notes. The Company used the net proceeds from the Offering, together with cash on hand, to purchase $300 million aggregate principal amount of its outstanding 7.125% senior notes due 2026, including all accrued interest, fees and premiums thereon, pursuant to a tender offer that commenced concurrently with the Offering. Vinson & Elkins also advised the Company in connection with the tender offer. The Offering closed on August 22, 2024, and early settlement of the tender offer occurred on August 23, 2024.

The Vinson & Elkins corporate team was led by partners Sarah Morgan, David Stone, and Scott Rubinsky and senior associate Layton Suchma, with assistance from associates Connor Rabalais and Ronnie Braxton.