Sable Offshore Corp. (SOC): debt financing — Flame Acquisition Corp. issues $200K promissory note to sponsor for working capital

Sable Offshore Corp.

Issued $200,000 unsecured promissory note to Flame Acquisition Sponsor LLC on October 31, 2022.
Note bears no interest; principal due upon completion of initial business combination.
If no business combination, note is forgiven unless funds exist outside trust account.
Proceeds used for IPO costs and ongoing working capital; drawdowns available up to $200K.

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 $200,000 with Flame Acquisition Sponsor LLC at does not bear interest maturing upon consummation of the Company's initial business combination.

Instrument: loan
Principal: $200,000
Counterparty: Flame Acquisition Sponsor LLC
Rate: does not bear interest
Maturity: upon consummation of the Company's initial business combination
Event: incurrence

Exact text from the filing

On October 31, 2022, Flame Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of $200,000 to Flame Acquisition Sponsor LLC.

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Sable Offshore Corp. filing history →

Source: SEC EDGAR

accession 0001564590-22-035919

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