California Resources amends credit agreement
California Resources Corporation entered into a Ninth Amendment to its Amended and Restated Credit Agreement effective April 14, 2026.
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Form Type
8-K
Rhea-AI Filing Summary
California Resources Corporation entered into a Ninth Amendment to its Amended and Restated Credit Agreement effective April 14, 2026. The amendment, with Citibank, N.A. as administrative and collateral agent and a syndicate of lenders, updates the pricing grid to reduce the company’s borrowing costs under the existing credit facility and makes other technical changes. The full terms are contained in the Ninth Amendment, filed as Exhibit 10.1.
8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Terms
Material Definitive Agreement, Amended and Restated Credit Agreement, administrative agent, collateral agent, +2 more
6 terms
Material Definitive Agreement regulatory
"Item 1.01 Entry into a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
Amended and Restated Credit Agreement financial
"Ninth Amendment to the Amended and Restated Credit Agreement, dated as of April 26, 2023"
An amended and restated credit agreement is a company’s original loan contract that has been updated and replaced by a single new document incorporating all changes. Think of it like refinancing and rewriting a mortgage so new payment schedules, interest rates, borrowing limits, or borrower obligations are combined into one clear contract. Investors care because those new terms change a company’s cash flow, borrowing flexibility and default risk, which can affect creditworthiness and share value.
administrative agent financial
"with Citibank, N.A., as administrative agent and collateral agent"
An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.
collateral agent financial
"with Citibank, N.A., as administrative agent and collateral agent"
A collateral agent is a neutral third party that holds and manages the assets pledged to secure a loan on behalf of a group of lenders, acting like the keyholder to a shared safe. If the borrower falls behind, the collateral agent enforces the lenders’ rights and coordinates who gets what, which affects how quickly and how much lenders can recover. Investors care because the agent’s role shapes recovery prospects, enforcement speed and the clarity of lenders’ claims.
pricing grid financial
"amend the pricing grid to reduce the Company's borrowing costs under the facility"
A pricing grid is a simple table that lays out possible prices and related outcomes for a stock offering, debt issue or product line—think of it as a menu showing different price points and what each one delivers. For investors it matters because the grid makes it easy to compare scenarios—how much cash will be raised, how many shares might be issued, or how revenue could change—so they can judge value, dilution and risk before deciding to buy.
Exhibit 10.1 regulatory
"Ninth Amendment to Amended and Restated Credit Agreement, entered into effective as of April 14, 2026."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did California Resources Corporation (CRC) change in its credit agreement?
California Resources Corporation amended its existing Amended and Restated Credit Agreement through a Ninth Amendment. The changes primarily adjust the pricing grid to reduce borrowing costs under the facility and make other technical updates, all documented in Exhibit 10.1 to the current report.
When did CRC’s Ninth Amendment to the credit agreement take effect?
The Ninth Amendment to California Resources Corporation’s Amended and Restated Credit Agreement became effective on April 14, 2026. This effective date governs when the revised pricing grid and related technical amendments began applying to the company’s credit facility arrangements.
Who are the key parties to CRC’s Ninth Amendment to the credit facility?
The Ninth Amendment involves California Resources Corporation as borrower, Citibank, N.A. as administrative agent and collateral agent, and various banks, financial institutions, and other lending institutions that are parties to the existing Amended and Restated Credit Agreement.
How does the Ninth Amendment affect CRC’s borrowing costs?
The company states the Ninth Amendment was executed to amend the pricing grid and reduce borrowing costs under its existing credit facility. While no specific rates are disclosed here, the intent is to lower interest expense relative to prior credit agreement terms.
Where can investors find the full terms of CRC’s Ninth Amendment?
Investors can review the complete Ninth Amendment in Exhibit 10.1 to the report. The company notes that the summary description is qualified in its entirety by this exhibit, which contains the detailed legal and financial provisions governing the amended credit facility.
What SEC item does CRC’s filing about the Ninth Amendment relate to?
The disclosure appears under Item 1.01, Entry into a Material Definitive Agreement. This item is used when a company enters into or materially amends an agreement considered important to its financial condition or operations, such as a major credit facility.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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