California Resources Corporation Announces Pricing of Upsized Private Offering of $600 Million of Senior Unsecured Notes

Vinson & Elkins advised California Resources Corporation (“CRC”) in connection with an upsized private offering (the “Offering”) of $600 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029.

The Company intends to use the net proceeds from the Offering, cash on hand, and borrowings under its revolving credit facility to repay the existing indebtedness of Aera Energy, LLC and its operating affiliate Aera Energy Services Company (together, the “Aera Companies”) in connection with the Company’s pending business combination with the Aera Companies. The Offering closed on June 5, 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, Cole Leveque, and Ronnie Braxton.

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