California Resources Corporation’s $600 Million Notes Offering

Vinson & Elkins LLP advised California Resources Corporation on the deal, while Cahill represented the initial purchasers.

California Resources Corporation announced its private offering of $600 million in aggregate principal amount of its 7.125% senior unsecured notes due 2026 at par, which closed on January 20, 2021.

The Initial Purchasers included Citigroup Global Markets Inc., RBC Capital Markets, LLC, MUFG Securities Americas Inc., Jefferies LLC, Mizuho Securities USA LLC, KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC.

California Resources Corporation (CRC) is an oil and natural gas exploration and production company. The Company explores, produces, gathers, processes, and markets crude oil, natural gas, and natural gas liquids. CRC operates in the State of California.

The V&E corporate team was led by partners Sarah Morgan (Picture), David Stone and Scott Rubinsky with assistance from senior associate Jing Tong and associates Kelly King and Marcus Martinez. Also advising were partner James Longhofer and associate Derrik Sweeney.

Cahill represented the initial purchasers with a team including Douglas S. Horowitz, Oleg Rezzy, Andrew Schwartz, Jana L. Douglas, and Samuel Esclavon.

Involved fees earner: Jana Douglas – Cahill Gordon & Reindel; Samuel Esclavon – Cahill Gordon & Reindel; Douglas Horowitz – Cahill Gordon & Reindel; Oleg Rezzy – Cahill Gordon & Reindel; Andrew Schwartz – Cahill Gordon & Reindel; Kelly King – Vinson & Elkins LLP; Marcus Lind-Martinez – Vinson & Elkins LLP; James Longhofer – Vinson & Elkins LLP; Sarah Morgan – Vinson & Elkins LLP; Scott Rubinsky – Vinson & Elkins LLP; David Stone – Vinson & Elkins LLP; Derrik Sweeney – Vinson & Elkins LLP; Jing Tong – Vinson & Elkins LLP;

Law Firms: Cahill Gordon & Reindel; Vinson & Elkins LLP;

Clients: California Resources Corp. ; Citigroup Global Markets Ltd; J.P. Morgan Securities LLC; Jefferies; KeyBanc Capital Markets; Mizuho Securities; MUFG Securities Americas Inc. ; RBC Capital Markets;

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Author: Ambrogio Visconti