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Stock impact report

California Resources Corporation Announces Termination of its Exchange and Subscription Offers and Consent Solicitation

California Resources Corporation (CRC) 
NASDAQ:AMEX Investor Relations: crc.com/investor-relations
Company Research Source: Business Wire
SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) (“CRC” or the “Company”) today announced the termination of its private exchange and subscription offers and consent solicitation (the “Offers”) relating to its outstanding 8% Senior Secured Second Lien Notes due 2022 (the “8% Notes”), 5½% Senior Notes due 2021 (the “5½% Notes”) and 6% Senior Notes due 2024 (the “6% Notes” and, together with the 8% Notes and the 5½% Notes, the “Notes”). The Company has also terminated the private subscription agreements (the “Supporting Subscription Agreements”) it entered into with certain significant holders of the Notes (the “Supporting Holders”) because the obligations of the Supporting Holders under the Supporting Subscription Agreements were conditioned upon the consummation of the Offers.The Company is terminating the Offers as a result of recent developments in the commodity and financial markets that render the Offers inadvisable and impractical. The Offe Show less Read more
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