secwatch.observer — SEC 8-K summary
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Issuer:     Sable Offshore Corp. (SOC)
CIK:        0001831481
Form:       8-K/A
Filed at:   2025-11-25T23:59:59+00:00
Accession:  0001831481-25-000110
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1831481/000183148125000110/0001831481-25-000110-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1831481/000183148125000110/socc-20251103.htm
  HTML page:      https://secwatch.observer/filing/0001831481-25-000110

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