California Resources to redeem senior secured notes due 2027

By Cady Vishniac

Detroit, Jan. 13 – California Resources Corp. plans to use the proceeds from a new issuance of $600 million of senior secured notes due 2026 to redeem all of a subsidiary’s senior secured notes due 2027, according to a market release.

The subsidiary that issued the notes owns all of the assets associated with its Elk Hills power plant and gas processing facilities.

The company will also repay in full its second-lien term loan.

California Resources is a Los Angeles-based oil and gas exploitation and production company.

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