Sable Offshore Corp. (SOC): debt financing — Flame Acquisition Corp. issues $750K in promissory notes to sponsor for working capital

Sable Offshore Corp.

Two unsecured promissory notes issued to Flame Acquisition Sponsor LLC: $395,000 (Flame Expenses Note) and $355,000 (Sable Expenses Note).
Notes are non-interest bearing, repayable only upon consummation of a business combination; otherwise forgiven except for funds outside trust.
Sponsor may convert up to $395,000 of the Flame Expenses Note into working capital warrants at $1.00 per warrant upon business combination.
Sable Expenses Note proceeds used for out-of-pocket expenses of Sable Offshore Corp. or Sable Offshore Holdings, LLC.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sable Offshore Corp. incurred convertible notes of $395,000 with Flame Acquisition Sponsor LLC at do not bear interest maturing repayable in full upon consummation of the Company’s initial business combination.

Instrument: convertible notes
Principal: $395,000
Counterparty: Flame Acquisition Sponsor LLC
Rate: do not bear interest
Maturity: repayable in full upon consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On May 12, 2023, Flame Acquisition Corp. (the “Company”) issued two unsecured promissory notes: (i) a promissory note (the “Flame Expenses Note”) in the principal amount of $395,000 to Flame Acquisition Sponsor LLC (the “Sponsor”) and (ii) a promissory note (the “Sable Expenses Note” and, together with the Flame Expenses Note, the “Notes”) in the principal amount of $355,000 to the Sponsor. The Notes do not bear interest and each of the Notes are repayable in full upon consummation of the Company’s initial business combination (a “Business Combination”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sable Offshore Corp. incurred loan of $355,000 with Flame Acquisition Sponsor LLC at do not bear interest maturing repayable in full upon consummation of the Company’s initial business combination.

Instrument: loan
Principal: $355,000
Counterparty: Flame Acquisition Sponsor LLC
Rate: do not bear interest
Maturity: repayable in full upon consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On May 12, 2023, Flame Acquisition Corp. (the “Company”) issued two unsecured promissory notes: (i) a promissory note (the “Flame Expenses Note”) in the principal amount of $395,000 to Flame Acquisition Sponsor LLC (the “Sponsor”) and (ii) a promissory note (the “Sable Expenses Note” and, together with the Flame Expenses Note, the “Notes”) in the principal amount of $355,000 to the Sponsor. The Notes do not bear interest and each of the Notes are repayable in full upon consummation of the Company’s initial business combination (a “Business Combination”).

View on SEC.gov

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Sable Offshore Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-146087

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