California Resources Corporation Closes New $1.3 Billion Term Loan
November 17 2017 - 4:48PM
Business Wire
California Resources Corporation (NYSE: CRC) announced today
that it successfully closed a $1.3 billion first lien secured term
loan facility (“2017 Term Loan”). The 2017 Term Loan has a 5-year
term, bears interest at a rate of LIBOR plus 4.75% per annum,
subject to a 1.00% LIBOR floor, and was issued with original issue
discount of 2%. Proceeds from the 2017 Term Loan are being used to
repay outstanding indebtedness under our 2014 senior credit
facility (“2014 Credit Facility”), including the repayment in full
of a term loan and a reduction in outstanding revolver amounts. The
previously announced seventh amendment of the 2014 Credit Facility
is now effective.
“This financing accomplishes many of our stated financial
priorities and is supported by the strength of our large and
diverse asset base. Importantly, this new term loan and the
amendment of our 2014 Credit Facility extend the maturity of that
facility, provide additional liquidity for CRC and relax certain
financial covenants. Combined, these transactions provide a pathway
to further delever our balance sheet,” said Todd Stevens, President
and CEO of CRC.
About California Resources
Corporation
California Resources Corporation is the largest oil and natural
gas exploration and production company in California on a
gross-operated basis. The Company operates its world class resource
base exclusively within the State of California, applying
complementary and integrated infrastructure to gather, process and
market its production. Using advanced technology, California
Resources Corporation focuses on safely and responsibly supplying
affordable energy for California by Californians.
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version on businesswire.com: http://www.businesswire.com/news/home/20171117005840/en/
California Resources CorporationScott Espenshade (Investor
Relations)818-661-6010Scott.Espenshade@crc.comorMargita Thompson
(Media)818-661-6005Margita.Thompson@crc.com
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