Business Context and Reporting Period
Company: California Resources Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: August 28, 2019
Event Date: August 28, 2019
The Company entered into a material definitive agreement regarding its credit facilities.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity figures. The document solely reports on a contractual amendment.
Material Changes
Credit Agreement Amendment: On August 28, 2019, the Company executed the Ninth Amendment to its Credit Agreement dated September 24, 2014.
- Counterparties: JPMorgan Chase Bank, N.A. (Administrative Agent) and Bank of America, N.A. (Syndication Agent), among other lenders.
- Purpose: To provide the Company with flexibility in connection with specified royalty interest transactions.
Guidance, Outlook, and Risks
The filing does not provide updated financial guidance, management outlook, or specific risk factors beyond the context of the credit agreement amendment. The full terms of the amendment are incorporated by reference as Exhibit 10.1.
Investor Verification Checklist
- Review Exhibit 10.1 (Ninth Amendment to Credit Agreement) for specific covenants and financial restrictions related to royalty interest transactions.
- Verify the impact of the amendment on the Company's existing debt capacity and interest rate structure.
- Confirm if the amendment alters any existing financial maintenance ratios or leverage limits.