California Resources (CRCQQ) has released an update.
In a strategic move to support the Mergers, the Parent company has secured a commitment from Citigroup Global Markets Inc. for a $500 million bridge loan, which, in conjunction with existing funds, will help refinance debt and cover related costs. Moreover, Citigroup is set to ensure amendments or substitution of the Parent’s current $630 million credit line, facilitating the new loan under standard preconditions.
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For a comprehensive understanding of the announcement, you can read the full document here.
