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30.06.26 - 14:12
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Sable Offshore Corp. Announces Proposed Offerings of Common Stock and Convertible Senior Notes (Business Wire)
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HOUSTON--(BUSINESS WIRE)--Sable Offshore Corp. (NYSE: SOC) today announced its intention to offer, subject to market and other conditions, $100.0 million of common stock and $300.0 million aggregate principal amount of convertible senior notes due 2031 (the “notes”) in separate public offerings registered under the Securities Act of 1933, as amended. Sable also expects to grant the underwriters of the common stock offering a 30-day option to purchase up to an additional $15.0 million of common stock solely to cover over-allotments, and expects to grant the underwriters of the notes offering a 30-day option to purchase up to an additional $45.0 million aggregate principal amount of notes solely to cover over-allotments.
J.P. Morgan is acting as sole book-running manager for the common stock offering and the notes offering.
The notes will be senior, unsecured obligations of Sable, will accrue interest payable semi-annually in arrears and will mature on July 1, 2031, unless earlier repurchased, redeemed ...
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16.06.26 - 12:54
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Sable Offshore Corp. Announces Commencement of New Senior Secured Term Loan (Business Wire)
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HOUSTON--(BUSINESS WIRE)--Sable Offshore Corp. (NYSE: SOC, “Sable”, or the “Company”) today announced it is launching a proposed senior secured term loan facility in an aggregate principal amount of up to $1.0 billion (the “New Senior Secured Term Loan”), which will replace the Company's Senior Secured Term Loan with Exxon Mobil Corporation (the “Existing Senior Secured Term Loan”). The Company is expected to be the borrower under the New Senior Secured Term Loan.
Additionally, the Company expects to pursue incremental unsecured capital markets solutions. JPMorgan Chase Bank, N.A. is expected to be administrative agent under the New Senior Secured Term Loan. The Company currently intends to use the proceeds from the New Senior Secured Term Loan, together with the proceeds of the expected additional unsecured capital markets solutions, to fund the repayment of the Existing Senior Secured Term Loan, to pay transaction fees and expenses, and to satisfy contractual performance bonding obligat...
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06.05.26 - 22:09
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Sable Offshore Corp. Reports First Quarter 2026 Financial Results (Business Wire)
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HOUSTON--(BUSINESS WIRE)--Sable Offshore Corp. (“Sable,” or the “Company”)(NYSE: SOC) today announced its first quarter 2026 financial results.
First Quarter 2026 Financial Highlights
Successfully resumed sales of American oil from the Santa Ynez Unit in accordance with the Defense Production Act order from the U.S. Department of Energy.
Reported a net loss of $197.0 million, primarily driven by operating expenses associated with the resumption of oil transportation through the Santa Ynez Pipeline System (the “SYPS”) and the resumption of oil sales, as well as general and administrative expenses, non-cash interest expense of $34.7 million, and a non-cash loss on the change in fair value of warrant liabilities of $44.2 million.
Concluded the quarter with short-term outstanding debt of $956.3 million, inclusive of paid-in-kind interest.
Ended the quarter with cash and cash equivalents balance of $52.2 million and accounts payable balance of $37.7 million.
Capital Expenditures incurred in the fir...
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