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Wednesday, Dec 7, 2022
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California Resources Offers to Buy Back Debt

California Resources Corp. has offered to buy back debt notes at a price between 55 and 68 percent of their face value, the company announced Monday. The Chatsworth oil company will purchase notes from four issues, with interest rates between 5 and 8 percent and a total face value of nearly $2.3 billion. For the 5 percent notes, the full consideration paid is $550 for each $1,000 in principal amount. For the 8 percent notes, the full consideration is $675. The tender offer will expire on Aug. 26 unless extended or terminated earlier by the company. The company is seeking an amendment to a credit agreement to finance the note buyback. Goldman Sachs & Co. is the lead broker for the program. Shares closed down 32 cents or 3.1 percent to $9.94 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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