Sable Offshore Corp. (SOC): debt financing — Flame Acquisition Corp. issues $1.13M in promissory notes to sponsor for working capital

Sable Offshore Corp.

Two notes: $635,000 (Flame Expenses) and $495,000 (Sable Expenses) to Flame Acquisition Sponsor LLC.
Notes are non-interest bearing, repayable upon completion of business combination; forgiven if no deal.
$635,000 note convertible into working capital warrants at $1.00 per warrant, identical to IPO private placement warrants.
$495,000 note for Sable Offshore Corp./Holdings out-of-pocket expenses; no conversion option.

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 loan of $635,000 with Flame Acquisition Sponsor LLC at do not bear interest maturing upon consummation of the Company’s initial business combination.

Instrument: loan
Principal: $635,000
Counterparty: Flame Acquisition Sponsor LLC
Rate: do not bear interest
Maturity: upon consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On August 30, 2023, Flame Acquisition Corp. (the “Company”) issued two unsecured promissory notes: (i) a promissory note (the “Flame Expenses Note”) in the principal amount of $635,000 to Flame Acquisition Sponsor LLC (the “Sponsor”)

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

Sable Offshore Corp. incurred loan of $495,000 with Flame Acquisition Sponsor LLC at do not bear interest maturing upon consummation of the Company’s initial business combination.

Instrument: loan
Principal: $495,000
Counterparty: Flame Acquisition Sponsor LLC
Rate: do not bear interest
Maturity: upon consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

a promissory note (the “Sable Expenses Note” and, together with the Flame Expenses Note, the “Notes”) in the principal amount of $495,000 to the Sponsor

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Sable Offshore Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-226354

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