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California Resources revises amendment for consent solicitation
Chicago, June 16 – California Resources Corp. amended its consent solicitation, including the actual proposed amendment, in addition to several other terms reported on Wednesday.
According to a supplement to the consent solicitation, the company is soliciting consents from holders of its $600 million outstanding 7 1/8% senior notes due 2026 (Cusips: 13057QAH0, 13057QAJ6, U1303AAE6) to allow the company and its restricted subsidiaries to make unlimited restricted payments on a pro forma basis with a total leverage ratio no greater than 1.25x.
The leverage ratio was amended on Wednesday from an originally announced 1.5x.
As reported on Wednesday, the company has also extended the deadline for consents to 5 p.m. ET on June 17, increased the consent fee to between $15 to $30 per $1,000 note based on a portion of an aggregate $9 million consent fee (from $10 per note) and revised and replaced the federal income tax considerations relating to the solicitation.
MUFG Securities Americas Inc. (877 744-4532, 212 405-7481) and Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) are the joint solicitation agents.
Global Bondholder Services Corp. (855 654-2015, 212 430-3774, contact@gbsc-usa.com) is the information and tabulation agent for the offer.
California Resources is a Los Angeles-based oil and gas exploitation and production company.
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