Sable Offshore amends Exxon term loan to 15% PIK, requires $225M equity raise; targets Q4 2026 oil sales

Sable Offshore Corp.

Amendment extends maturity to March 2027 or 90 days after first hydrocarbon sales; interest rate rises from 10% to 15% PIK annually.
Conditions include equity contributions of at least $225M net of fees and maintaining $25M unrestricted cash monthly.
Sable pursuing OS&T vessel strategy; submitted plan to DOI Oct 9, expects vessel acquisition Q1 2026 and first oil sales Q4 2026.
Board forms special committee to investigate Hunterbrook report allegations involving October 2025 audio recording.

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