California Resources Corp (CRC) has issued an update.
CRC has completed a significant transaction, enhancing its financial flexibility through a series of strategic agreements and an increase in available credit. At the closing of the transaction, CRC entered into a Registration Rights Agreement and Stockholder Agreements with various sellers, and amended its credit agreement to expand its borrowing capacity from $630 million to $1.1 billion. Additionally, CRC’s subsidiaries provided guarantees and collateral support for the increased credit line. This transaction was finalized with the issue of over 21 million shares of CRC common stock to the sellers, bypassing public offering requirements. Following these developments, CRC announced the completion of the deal and the addition of two new board members in a recent press release.
See more data about CRC stock on TipRanks’ Stock Analysis page.
