(Source: California Resources Corporation) LOS ANGELES--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC), today announced the commencement of private offers to exchange (the 'Exchange Offers'), upon the terms and conditions set forth in the offering memorandum, dated November 12, 2015, and the related letter of transmittal, up to $1 billion aggregate principal amount (the 'Maximum Exchange Amount') of its outstanding 5.0% Senior Notes due 2020 (the '5% Notes'), 5.5% Senior Notes due 2021 (the '5½% Notes') and 6.0% Senior Notes due 2024 (the '6% Notes' and together, the 'Old Notes') held by Eligible Holders (as defined below), for newly issued 8.00% Second Lien Notes due 2022...
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