California Resources Prices $550M Senior Unsecured Notes Offering
CRC sits 30% above its 52-week low of $43.245.
Summary
California Resources Corporation announced the pricing of its $550 million private offering of senior unsecured notes. This follows the company's announcement and 8-K filing earlier today regarding this offering, which is intended to refinance existing debt. The $550 million offering is a material capital event, representing approximately 11% of the company's market capitalization, and finalizes the terms of this significant debt refinancing.
At the time of this announcement, CRC was trading at $56.25 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5B. The 52-week trading range was $43.25 to $71.98. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.