California Resources appointed Jefferies LLC, Citigroup Global Markets Inc. and TD Securities (USA) LLC as dealer managers for the tender offer. (Source: Shutterstock)
California Resources Corp. released its early tender results on its offer to purchase up to $300 million aggregate principal amount of its outstanding 7.125% senior notes due 2026.
As of Aug. 21, the early tender time, the principal amount tendered reached $488,467,000, exceeding the maximum tender amount, according to the company’s release.
In response, the 2026 notes validly tendered will be subject to proration at a rate of approximately 61.4%.
Only holders of 2026 notes validly tendered by the early tender time, and have been accepted for purchase, will receive the early tender consideration, the release said.
California Resources appointed Jefferies LLC, Citigroup Global Markets Inc. and TD Securities (USA) LLC as dealer managers for the tender offer. The company retained D.F. King & Co. Inc. as the depositary and information agent for the tender offer.
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