Sable Offshore Corp. (SOC): debt financing — Flame Acquisition Corp. issues $535K promissory note to sponsor for working capital

Sable Offshore Corp.

Unsecured non-interest bearing note from Flame Acquisition Sponsor LLC for $535,000.
Principal due upon consummation of initial business combination; forgiven if no deal and no outside funds.
Proceeds used for IPO-related costs and ongoing working capital until business combination.
Payee waived any claims against trust account from the IPO proceeds.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Sable Offshore Corp. incurred loan of $535,000 with Flame Acquisition Sponsor LLC at does not bear interest maturing repayable in full upon consummation of the Company’s initial business combination.

Instrument: loan
Principal: $535,000
Counterparty: Flame Acquisition Sponsor LLC
Rate: does not bear interest
Maturity: repayable in full upon consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On February 6, 2023, Flame Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of $535,000 to Flame Acquisition Sponsor LLC. The Note does not bear interest and is repayable in full upon consummation of the Company’s initial business combination (a “Business Combination”).

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Source: SEC EDGAR

accession 0001193125-23-026948

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