News & Achievements

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

Deals & Cases

Vinson & Elkins advised California Resources Corporation (the “Company”) in connection with an upsized private offering (the “Offering”) of $300 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029 (the “Notes”).

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.

About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 14 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.

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