S&C Advises California Resources Corp. in Series of Deleveraging Transactions

August 17, 2016

S&C advised California Resources Corp. (CRC) in the completion of a series of transactions designed to help the company further delever its balance sheet. The transactions completed included (i) the incurrence of a new $1 billion first lien, second out term loan facility, the proceeds of which were used to pay down $250 million of term loan and outstanding revolver borrowings under CRC's existing first lien credit agreement, (ii) a cash tender offer to repurchase unsecured bonds at a substantial discount to par and (iii) the amendment of CRC's existing first lien credit facility.
The S&C team advising CRC was led by Ms. Ressler and Mr. Estes. Mr. Dietderich advised on bankruptcy matters, and Mr. Spitzer advised on tax matters.