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Friday, Nov 22, 2024

California Resources Secures $1.3 Billion Loan

California Resources Corp. has closed a $1.3 billion loan facility, the company announced Friday. The Chatsworth oil producer said the money will repay outstanding debts under a 2014 credit facility. The new loan has a five-year term and bears interest at a rate of LIBOR plus 4.75 percent. “This new term loan and the amendment of our 2014 credit facility extend the maturity of that facility, provide additional liquidity for CRC and relax certain financial covenants. Combined, these transactions provide a pathway to further delever our balance sheet,” Chief Executive Todd Stevens said in a statement. Shares of California Resources (CRC) closed Friday up 68 cents, or 4.5 percent, to $15.91 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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