California Resources to exchange up to $1B in senior notes

California Resources Corp. (NYSE: CRC) has begun private offers to exchange up to $1 billion aggregate principal amount of its outstanding 5% senior notes due 2020, 5.5% senior notes due 2021, and 6% senior notes due 2024 held by eligible holders for newly issued 8.00% second lien notes due 2022.

The exchange offers will expire at 11:59 p.m., New York City time, on Dec. 10, unless extended by California Resources Corp.

 

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