Sable Offshore secures debt amendment with Exxon; interest rate rises to 15%, maturity extended to 2027

Sable Offshore Corp.

Conditions satisfied: $250M common stock private placement on Nov 12, 2025; amendment effective Nov 24, 2025.
Maturity extended to earlier of March 31, 2027 or 90 days after first hydrocarbon sales; interest rate raised from 10% to 15%.
New liquidity covenant: minimum $25M unrestricted cash measured monthly; additional reporting requirements added.
Amendment with Exxon Mobil as lender; existing guarantees from Pacific Offshore Pipeline and Pacific Pipeline reaffirmed.
Company raised $250M equity to meet $225M minimum cash proceeds condition; PIK interest option available.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sable Offshore Corp. amended Amendment (effective 2025-11-24).

Action: amendment
Agreement: credit facility
Effective: 2025-11-24

Exact text from the filing

On November 24, 2025, the Company satisfied all the conditions to effectiveness of the Amendment, including the condition that the Company receive cash proceeds in an amount no less than $225,000,000, which the Company satisfied on November 12, 2025, with the successful private placement of $250,000,000 of the Company’s common stock, and the Amendment became effective.

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Sable Offshore Corp. filing history →

Source: SEC EDGAR

accession 0001831481-25-000110

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