CRC 7.125% 01Feb2026 Corp (USD)

Bond Factsheet

Matured/ Called

California Resources Corporation

Indicative

Full Lot

Bid Price

99.875

Change in Bid Price

Bid Yield (%)

Change in Bid Yield

Ask Price

100.125

Change in Ask Price

Ask Yield (%)

Change in Ask Yield

Indicative price as of 10 Oct 2025, 12:00am

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Bond Information

California Resources Corporation is an independent oil and natural gas company. The Company focuses on maximizing the value of land, mineral and technical resources for decarbonization by developing carbon capture and storage and other emissions reducing projects. California Resources serves customers in the State of California.

Bond Issuer

California Resources Corporation

Guarantor

Multiple Guarantors

Announcement Date

14 Jan 2021

Issue Date

20 Jan 2021

Maturity Date

01 Feb 2026

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

7.125

Coupon Type

Fixed

Annual Coupon Rate

7.125

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

USU1303AAE65

CUSIP

BN5169378

Bond Currency

USD

Total Issue Size

600,000,000

Outstanding Issue Size

122,452,000

Min. Investment Quantity (Nominal)

USD 2,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Energy

Bond Sub Sector

Oil, Gas and Consumable Fuels

Issuer Credit Rating (S&P/ Fitch)

***/ B+

Bond Credit Rating (S&P/ Fitch)

***/ BB-

Shariah Compliant

Exchange Listed

Bond Feature(s)

Issuer Call

(d) On or after February 1, 2023, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon notice as provided in this Indenture, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the Notes redeemed to, but excluding, the applicable date of redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on February 1 of the years indicated below:

Years	Percentage
2023	103.563%
2024	101.781%
2025 and thereafter	100.000%

Make Whole Call

(b) At any time prior to February 1, 2023, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon notice as provided in this Indenture, at a redemption price equal to100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest to, but excluding, the date of redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date.

"Applicable Premium” means, with respect to any Note on any redemption date, the greater of:

(1) 1.0% of the principal amount of the Note; and
(2) the excess of:
(a) the present value at such redemption date of (i) the redemption price of the Note at February 1, 2023 (such redemption price being set forth in the table appearing in Section3.07(d)) plus (ii) all required interest payments due on the Note through February 1, 2023 (in each case, excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), over
(b) the principal amount of the Note.

Change Control Put

(a) If there is a Change of Control Triggering Event, the Issuer will be required to make a cash tender offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon to, but excluding, the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date(the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, the Issuer will mail a notice to each Holder (with a copy to the Trustee) setting forth the procedures governing the Change of Control Offer as required by the Indenture.

“Change of Control” means the occurrence of any of the following events:

(1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than any Subsidiary or Affiliate thereof, is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total outstanding Voting Stock of the Issuer (measured by voting power rather than the number of shares), other than any such transaction in which the outstanding Voting Stock of the Issuer is changed into or exchanged for Voting Stock of the surviving Person or any parent thereof that collectively represents at least 50% of the total outstanding Voting Stock (measured by voting power rather than the number of shares) of the surviving Person or such parent immediately following such transaction;

(2) the Issuer sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to any Person other than the Issuer or a Subsidiary (other than by way of a merger or consolidation of the Issuer); or

(3) the Issuer is liquidated or dissolved or adopts a plan of liquidation or dissolution other than in a transaction which complies with the provisions described under Section 5.01.

Notwithstanding the foregoing, (a) a transaction will not be deemed to involve a Change of Control if(i) the Issuer becomes a direct or indirect wholly owned subsidiary of a holding company and (ii)immediately following that transaction no Person (other than a holding company satisfying the requirements of this sentence) is the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company; and (b) a Change of Control shall not be deemed to occur upon the consummation of any actions undertaken by the Issuer or any Restricted Subsidiary solely for the purpose of changing the legal structure of the Issuer or such Restricted Subsidiary.

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Decline.

Equity Call

(a) At any time prior to February 1, 2023, the Issuer may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes (including, without limitation, any Additional Notes) issued under this Indenture, in an amount not greater than the net cash proceeds of one or more Equity Offerings by the Issuer, upon notice as provided in this Indenture, at a redemption price equal to 107.125% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant Interest Payment Date); provided that

(1) at least 65% of the aggregate principal amount of Notes originally issued on the Issue Date (excluding Notes held by the Issuer and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

(2) the redemption occurs within 180 days of the date of the closing of such Equity Offering.

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