Sable Offshore completed a series of financing transactions, issuing $345.0 million of 6.5% Convertible Senior Notes due 2031, raising approximately $107.0 million via a 37.34 million-share common stock offering, and securing new senior secured credit facilities. The company closed a $675.0 million Term Loan B at 15% maturing December 15, 2028, and put in place a $500 million senior secured revolver initially with a zero borrowing base to support hedging and cash management. Net proceeds from the offerings, together with the Term Loan B, are intended to repay the company's senior secured term loan with Exxon and for general corporate purposes.
Agreement 1: Sable Offshore Issues $345M 6.5% Convertible Notes Due 2031 Under New Indenture
- Agreement type: Indenture and first supplemental indenture for 6.5% convertible senior notes
- Counterparty: U.S. Bank Trust Company
- Signed / Effective: Jul 02 2026 / Jul 02 2026
- Duration / Termination: 5 years, due Jul 1 2031
- Reason: Raise capital with convertible financing
Agreement 2: Sable Offshore Completes $345M Convertible Notes Offering Under Underwriting Agreement
- Agreement type: Underwriting agreement for 6.5% convertible senior notes
- Counterparty: Underwriters
- Signed / Effective: Jun 30 2026 / Jul 02 2026
- Duration / Termination: Transaction-specific
- Reason: Market placement of notes and over-allotment option
Agreement 3: Sable Offshore Raises ~$107M in 37.34M-Share Offering Led by J.P. Morgan
- Agreement type: Underwriting agreement for common stock offering
- Counterparty: J.P. Morgan Securities, as representative of underwriters
- Signed / Effective: Jun 30 2026 / Jul 02 2026
- Duration / Termination: Transaction-specific
- Reason: Raise equity to support debt repayment and liquidity
Agreement 4: Sable Offshore Secures $500M Senior Revolver With JPMorgan for Hedging and Liquidity
- Agreement type: Senior secured reserve-based revolving credit facility up to $500M
- Counterparty: JPMorgan Chase Bank, as Administrative Agent, and other lenders and issuing banks
- Signed / Effective: Jul 02 2026 / Jul 02 2026
- Duration / Termination: Matures Dec 15 2028
- Reason: Facilitate hedging and future liquidity
Agreement 5: Sable Offshore Closes $675M Term Loan B at 15% to Support Refinancing
- Agreement type: Senior secured Term Loan B credit facility $675M
- Counterparty: JPMorgan Chase Bank, as Administrative Agent, and other lenders
- Signed / Effective: Jul 02 2026 / Jul 02 2026
- Duration / Termination: Matures Dec 15 2028
- Reason: Refinance Exxon term loan and general corporate purposes
Original SEC Filing:
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