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California Resources Corp.: The Tender Offer And The First Lien Second Out

Summary

California Resources Corp. is out marketing an extremely rare, extremely complex, and extremely sophisticated product of financial engineering: the First Lien Second Out Credit Facility.

Along with the First Lien Second Out Credit Facility, California Resources Corp. is also out marketing a massive tender offer which it believes is productive to long-term model sustainability.

I breakout both the tender offer as well as the First Lien Second Out Credit Facility and give my thoughts on what this means for California Resource Corp...


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