California Resources Offers to Buy Back Debt

California Resources Corp. has offered to buy back debt notes at a price between 55 and 68 percent of their face value, the company announced Monday. The Chatsworth oil company will purchase notes from four issues, with interest rates between 5 and 8 percent and a total face value of nearly $2.3 billion. For the 5 percent notes, the full consideration paid is $550 for each $1,000 in principal amount. For the 8 percent notes, the full consideration is $675. The tender offer will expire on Aug. 26 unless extended or terminated earlier by the company. The company is seeking an amendment to a credit agreement to finance the note buyback. Goldman Sachs & Co. is the lead broker for the program. Shares closed down 32 cents or 3.1 percent to $9.94 on the New York Stock Exchange.