By Freddy Sebastian
Shares of Sable Offshore gained after offerings for common stock and convertible senior notes were priced.
The oil and gas company's stock recently rose 10.4% to $3.40 in premarket trading Wednesday.
Sable Offshore said its offering for 32.5 million shares priced at $3.08 a piece. The company is also offering $300 million of convertible senior notes due 2031 in a separate offering.
The company said it granted underwriters of the stock offering a 30-day option to purchase up to an additional 4.9 million shares to cover over-allotments. Sable also said it granted underwriters of the notes offering a 30-day option to purchase up to $45 million more in notes to cover over-allotments.
Sable expects net proceeds from the common stock offering at around $92.8 million and net proceeds from the notes offering of about $288.8 million.
The company said it expects to use proceeds to pay down debt along with other general corporate purposes.
Write to Freddy Sebastian at freddy.sebastian@wsj.com