Sable Offshore Corp. (SOC): debt financing — Flame Acquisition issues $150K in promissory notes to sponsor for working capital

Sable Offshore Corp.

Issued a $50,000 non-interest note (Flame Expenses Note) to sponsor for IPO and working capital costs.
Issued a $100,000 non-interest note (Sable Expenses Note) to sponsor to pay Sable Offshore Corp. expenses.
Both notes due upon business combination; forgiven without repayment if no combination.
Sponsor may convert up to $50,000 of the Flame note into warrants at $1 per warrant, capped at 3.5M warrants.
Notes are unsecured and contain standard events of default; principal repayable only from funds outside the trust account.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Sable Offshore Corp. incurred loan of $50,000 with Flame Acquisition Sponsor LLC at no interest maturing upon consummation of the Company’s initial business combination.

Instrument: loan
Principal: $50,000
Counterparty: Flame Acquisition Sponsor LLC
Rate: no interest
Maturity: upon consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On June 22, 2023, Flame Acquisition Corp. (the “Company”) issued two unsecured promissory notes: (i) a promissory note (the “Flame Expenses Note”) in the principal amount of $50,000 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 $100,000 to the Sponsor.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Sable Offshore Corp. incurred loan of $100,000 with Flame Acquisition Sponsor LLC at no interest maturing upon consummation of the Company’s initial business combination.

Instrument: loan
Principal: $100,000
Counterparty: Flame Acquisition Sponsor LLC
Rate: no interest
Maturity: upon consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On June 22, 2023, Flame Acquisition Corp. (the “Company”) issued two unsecured promissory notes: (i) a promissory note (the “Flame Expenses Note”) in the principal amount of $50,000 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 $100,000 to the Sponsor.

View on SEC.gov

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Sable Offshore Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-174360

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